Food Biz Still Cooking

After Kraft 's and Sara Lee 's recent disappointing results, it may have appeared that even food companies can't escape the recession . But a look at the earnings reports of several food companies this week shows that Kraft's and Sara Lee's problems are mainly internal. For the most part, the food business is, as usual, recession-resistant. That's not to say that the news is all good. Campbell Soup 's total sales were off by 4 percent, and revenues were down 14 percent . But much of that had to do with the effect of a strengthening dollar on global sales—U.S. soup sales were up 8 percent (canned soup being a recession staple), and the company forecast that for fiscal 2009, earnings growth would come in at the high end of its 5 percent to 7 percent range. H.J. Heinz reported an 11 percent rise in its net as it continued to be able to pass along price increases to consumers . The company noted that "pantry deloading"—that is, consumers digging around in the backs of their cabinets ... (link)