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【出版时间及名称】：2010年2月美国食品设备行业研究报告
【作者】：摩根斯坦利
【文件格式】：pdf
【页数】：48
【目录或简介】：
Key takeaway for 12 weeks ended 1/24/10: While
increased levels of branded promotional spending has
slowed private label growth year-over-year, we remain
concerned that: i) Sales growth remains largely negative
across our coverage universe as a result of lower
volume; and ii) Private label is still gaining dollar share,
albeit at a rate slower than in 2009.
Overall sales growth across our coverage universe
remains weak, and implied pricing largely negative.
Private label penetration continues increase (private
label gained share in 69% of the categories we track in
the most recent month), and branded sales declined for
five of the eight companies in our coverage universe.
Importantly, for 6 of the 8 companies in our universe,
implied pricing was negative in the most recent 4 weeks
(ex-DLM and HSY).
Penny price gaps were slightly wider 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 ~$28.87/basket in the
most recent 4 week period, vs. ~$28.84/basket in 2009
and ~$27.97/basket in 2008 on average.
Private label continues to gain share. In the most
recent 4 week period, private label gained share in 69%
of the categories we track, an increase from 58% last
month. However, private label share growth appears to
be slower than it was last year, as private label gained
share in 85% of categories in the year-ago 4-week
period and 72% of categories on average in 2009.
Cereal performance weakened and soup remained
weak in the most recent month. In cereal, category
sales decreased by 2.5% on both pricing and volume
declines after strength in the prior two 4-week periods.
K sales decreased by 5.3%, though GIS sales increased
by 2.2%. Soup category sales declined by 3.1%, and
CPB sales declined by 6.7% on a 7.7% volume decline.
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