Sales volume dropped 5.3 percent for the quarter, while net income dipped from $294 million in 2011 to $156 million in 2012.

Selective pricing actions were effective in reversing volume loss trends in key categories.

For the year ended October 30, 2011, net earnings were $474.2 million, up 16 percent from adjusted net earnings of $409.0 million last year.

After adjusting for the impacts of divestitures and a stronger Canadian dollar, sales increased by 6%, primarily as a result of higher selling prices.