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%.
Click here to view the full filing.
- Danone's global push for Danonino – interview
- How Hormel Foods can benefit from Justin's
- Colian hungry for international growth - interview
- The balancing act at Amy's Kitchen - interview
- How discounters unsettling Australia's food sector
- US food labels to include "added sugars" info
- ConAgra focusing on core with Spicetec sale
- Nestle sets new savings target
- Kraft Heinz to expand US plant
- Premier takes control of powders JV Knighton