NEW YORK — Fresh Del Monte said its profit fell 34 percent in the first quarter as weaker demand led to lower banana prices in Europe.
The company, which sells a variety of fresh fruits and vegetables, said sales volume for bananas rose 3 percent during the quarter. But the prices it charged worldwide fell by 1 percent to $14.97 per unit. That was despite a 2 percent increase in its own costs.
Fresh Del Monte attributed the lower demand to the weak economy.
During the quarter, gross profit for the bananas unit was $30.5 million, down from $38.8 million. Gross profit is the amount of sales left over after subtracting the cost of sales.
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