US: Efficiency gains offset sales slowdown at Heinz
- Sales slide to US$2.8bn, down from $2.85bn
- Operating profit increases to $433.4m
- Net profit rises to $195.2m
Heinz earnings rise
Heinz has reported higher first-quarter earnings, as cost reduction efforts more than offset a slowdown in sales.
During the first three months of the year the firm, which was acquired by 3G Capital and Berkshire Hathaway last year, saw sales fall 2.9%.
However, under its private-equity owners Heinz has embarked on a significant cost-cutting drive. The group has closed factories in North America and Europe and cut its headcount. Lower costs enabled the firm to report an increase in operating profit of 8.9%. Net profit rose 9.8%.
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The principal strategy of Heinz México SA de CV involves targeting its sales towards the consumer foodservice industry and establishing successful alliances with large chained consumer foodservice ope...
Heinz Foodservice is focused on sales and promotion of its branded condiments, sauces, soups and tomato products targeting full-service, quick-serve and non-commercial restaurants. The company offers ...
Heinz was acquired in 2013 by 3G Capital and Berkshire Hathaway in a US$28 billion deal. The company will receive significantly greater resources to expand its presence in emerging markets where it ha...
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