We can do with a little less cheese, but we’re not willing to pass on butter, if Land O’Lakes‘ first-half results are any indicator.
The Arden Hills company said Thursday that net sales were off by about 10 percent, compared with the first half of last year, but its $164.1 million profit matched the same period.
“While Land O’Lakes is not immune to the stresses and challenges of a difficult economy, we are solidly positioned to deal with the challenges ahead,” CEO Chris Policinski said in the company’s statement.
Commodity prices and consumer spending particularly affected Land O’Lakes’ dairy and eggs divisions. Butter sales were flat, but cheese volumes were down 6 percent. Egg sales were up but prices were down nearly 25 percent from last year’s rates.