Ross Products sales
This article was originally published in The Tan Sheet
Executive Summary
Abbott Labs' U.S. nutritional sales fall 1.9% to $579 mil. in Q1, driven by double-digit decline in pediatric nutritionals. Similac infant formula maker says pediatric sales "continued to be impacted by heavy competitive spending." Ross has increased promotional spending, which "is yielding positive results, and we're beginning to see the results of a turnaround in our non-WIC share, which has been under pressure in recent quarters," Divisional VP-Investor Relations John Thomas tells analysts during April 9 call. Launch of DHA/ARA-fortified Similac Advance, other marketing actions expected to drive second-half growth. Abbott's Q1 consolidated sales were $4.19 bil., up 17.7% from year-ago quarter, with net earnings of $854.3 mil., up 16.2% excluding one-time charges in 2001...