In light of its commodified fare, we surmise Saputo fails to milk a sustainable competitive edge.
No-moat Saputo succumbed to unfavorable macroeconomic conditions in its fiscal fourth quarter, as it chalked up declining sales (down 0.5%) and just 10 basis points of operating margin expansion to 8.4%. This tepid performance was particularly pronounced in the U.S. (more than half of sales), which included a 1% top-line decline (partially due to a fall in U.S. cheese volumes) and a 270-basis-point degradation in segment operating margins to 8.1% (reflecting expense deleverage and an unfavorable...Saputo produces, markets, and distributes an array of dairy products including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients. Co.'s products are sold in several countries under brand names such as Saputo, Alexis de Portneuf, Armstrong, COON, Cracker Barrel*, Dairyland, DairyStar, Friendship Dairies, Frigo Cheese Heads, La Paulina, Milk2Go/Lait's Go, Neilson, Nutrilait, Scotsburn*, Stella, Sungold, Treasure Cave and Woolwich Dairy. Co. operates its business through three sectors, the Canada Sector, the USA Sector and the International Sector.
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