What is Del Monte’s estimate for gross cost increases in F09 versus F08? How does this compare to the trend of the past few years?
As of the date of our Q3F09 earnings conference call, the Company expects gross inflationary and other costs for continuing operations (which excludes the seafood business which was sold in October 2008) to increase by ~$290 million in F09 compared to F08. This implies a ~12% gross cost increase versus F08, significantly above the ~5% and ~7% increases (excluding the seafood business) experienced in F07 and F08, respectively.
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