【出版时间及名称】：2010年3月美国食品加工设备行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：51
        【目录或简介】：

Key takeaway for 4 weeks ended 2/21/10: Dollar sales
growth was largely positive across our coverage
universe in the most recent 4 week period despite higher
merchandising levels (on average across our coverage
universe, the percent of dollars sold with merchandising
increased by ~0.6%). Importantly, this growth was
largely volume driven, as ex-Hershey, implied pricing
growth was negative year-over-year. This represents a
sequential improvement vs. last month’s data, in which
dollar sales growth remained largely negative across our
universe as a result of continued unit sales declines.
Private label growth is slowing as branded players
increase promotional spending, though private
label growth is still present. Private label penetration
continues to increase but at a slower rate. Private label
gained share in 54% of the categories we track in the
most recent month, the lowest figure we have on record
since 4Q07. Note, however, that this is at least partially
a function of difficult comps (private label grew in 87% of
tracked categories in the year ago month).
Penny price gaps were slightly narrower relative to
2009 in the most recent 4 week period. Based on a
basket of ~50 products, the penny price gap between
branded and private label was ~$28.42/basket in the
most recent 4 week period vs. ~$28.84/basket in 2009
and ~$27.97/basket in 2008 on average.
Cereal performance weakened and soup remained
weak in the most recent month. In cereal, category
sales decreased by 2.1% on a 2.8% average price
decline (note that category volume increased by 0.8%).
K sales decreased by 3.4% though volume increased by
0.4%. GIS’ sales decreased by 3.1% on a 4.1% volume
decline, albeit on a difficult comp (year ago sales were
+9.7% and volume was +10.9%). Soup category sales
declined by 1.2%, and CPB sales declined by 0.9% on a
-7.6% comp. Importantly, CPB soup volume turned
positive after 3 negative growth months, albeit on a
weak comp (volume was +2.2% on a -13.8% comp).