Net income, excluding special items, declined to $2.33 per share in the January-quarter from $2.45 per share in the corresponding period of last year. Unadjusted net profit was $69.7 million or $0.64 per share, sharply lower than $261.5 million or $2.32 per share reported in the third quarter of 2021.
The weak bottom-line performance reflects a 1% year-over-year decline in net sales to $2.1 billion. An increase in sales at the US retail coffee and international & away-from-home segments was more than offset by a decline in the consumer foods and pet foods divisions.