Dean Foods Plans To Cut Up To 400 Jobs


Dean Foods Co. will cut up to 400 jobs this year as it tries to recoup from a profit drain caused by steeply discounted store-brand milk cutting into sales of its higher-price branded products.

The discounting prompted Dean's chief executive to describe prices as dropping "beyond sustainable levels."

Dallas-based Dean, the nation's largest dairy processor, said Monday that its profit fell 43 percent to $43.15 million, or 24 cents a share. That compares with profit of $76.25 million, or 48 cents a share, a year ago.

Excluding one-time events and special items, profit per share in the quarter ended March 31 was 23 cents. Analysts were looking for 28 cents a share.

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