Food Roundup: Del Monte's Net Soars, Pilgrim's Gets Access to Funds, Tesco Reports Sales Swoon, and More

Del Monte’s Net Nearly Doubles — The company reported that it’s second-quarter profits nearly doubled and it revised its forecast upward for the coming year. The earnings boost came from the sale of Starkist and from higher prices. [Source: AP]

Pilgrim’s Pride Gets OK on Bankruptcy Financing — The largest U.S. chicken producer, which declared Chapter 11 bankruptcy this week, has interim court approval to access $365 million in debtor-in-possession financing. The company says the funds will allow it to continue operations and pay employees and vendors. [Source: Reuters]

Tesco Hunkers Down — The grocer, Britain’s largest retailer, reported its worst sales in more than a decade and drastically cut its investment plans. The company said it needed to preserve cash. [Source: The Wall Street Journal]

Nestle Denies Saudi Milk-Safety Claims — The Swiss food giant rejected claims by Saudi Arabia that harmful amounts of melamine were found in powered milk made in a Chinese plant. “All Nestle dairy products sold in Saudi Arabia – just as anywhere else in the world – are absolutely safe for consumption,” the company said. [Source: Reuters]