Sale Of Consumer Goods

GMA/PwC: Digital Key In Driving CPGs' Recovery

Despite rapidly rising commodities costs, the consumer product goods industry is clearly in recovery mode, with international expansion -- plus digitally enabled consumer insights and operating efficiencies -- chief among the growth drivers, according to the new edition of the annual industry financial benchmarking report from the Grocery Manufacturers Association and PwC.

The value of total CPG-industry shipments rose 6% last year, to nearly $124 billion. Improvement over 2009 was seen across the key metrics, including strong median one-year shareholder returns of 15% for the manufacturing sector. In addition, overall growth of median earnings before interest and taxes (EBIT) improved from 4.3% percent to 12.9%, and EBIT growth for the bottom quartile improved significantly (from negative 25% to negative 1%). Both margins and liquidity showed strong overall performance.

Every one of the 148 food/beverage/consumer products companies analyzed (using publicly available information) showed sales growth in 2010, with 2.9% growth for top performers and 1.5% growth for the bottom quartile. Most sales growth came organically and from acquisitions, with the strongest organic growth coming from emerging markets in Latin America and Asia.

Top performers both generated and "hoarded" more cash than poorer performers (18% cash flow-to-sales versus the bottom quartile's 3.8%), and top performers on average paid out four times more dividends per share during 2010.

Beverages, Food, HHP All Showed Net Sales Growth

Food, beverages and household products (HHP) all showed growth in median net sales last year -- a decided positive for the latter two categories, in particular, which experienced net sales declines in 2009.

Beverages saw a 5.6% increase in median net sales in 2010, increased gross margin (from 43.1% to 47.1%) and reduced SG&A expense (from 29.7% to 27.7%). These offset poor cash conversion (that cycle increased from 38.0 days to 46.1 days).

Food CPGs also had a strong year, although the sector's median sales growth of 4.5% was somewhat lower than beverages, reflecting both its comparatively strong (slightly positive) net sales growth in 2009, and consumers' continuing propensity to trade down to store brands and buy national brands on promotion.

Food CPGs' median sales per employee were up nearly 10% (to $400,000-plus per employee, an unprecedented level in any category in this study's history).

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The sale of goods

Sale of consumer goods directive, the second consultation on EC directive 1999/44/EC on certain aspects of the sale of consumer goods and associated guarantees

UN law on international sales, the UN Convention on the International Sale of Goods

The Sale of Goods

Review of the Convention on Contracts for the International Sale of Goods (CISG), 2005-2006