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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