Chiquita Brands International Inc today released its financial and operating results for the fourth quarter in 2008 and the full-year conclusion, revealing a net sales increase but a loss from continuing operations.

For the full year, net sales increased by four per cent to $3.6 billion (£2.5bn), but the company reported a loss from continuing operations of $325 million.

The company reported income from continuing operations of $49m.

The fourth quarter saw net sales flat year on year, at $839m.

Fernando Aguirre, chairman and chief executive officer of Chiquita, said: “We overcame unprecedented cost challenges in 2008 and significantly improved comparable full-year results versus 2007. We sold non-strategic assets, strengthened our financial position, reduced controllable costs, extended our geographic growth and continued positioning the company for long-term success.

“Our fourth quarter results were lower year on year, due to higher costs including flood impacts, a weaker euro, and lower performance in salads. We took a non-cash goodwill impairment charge for Fresh Express in the fourth quarter, primarily due to current economic conditions and lower category growth expectations. Although the economic environment is uncertain, we expect to improve full-year results in 2009 on a comparable basis. We believe we have the right products and strategy to leverage global health and wellness trends and are executing our profit improvement plans in salads, maintaining our focus on profitability in bananas and innovating towards higher-margin products.”

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