Heinz has reported a 6% decrease in second-quarter net profit to $191.6m (£97.1m) on sales up 3.5% at $2.23bn.
Net profit was hit by higher tax rates and discontinued operations, while sales were boosted by higher prices and a weaker dollar.
In Europe, overall sales decreased 0.8% as higher pricing on Heinz soup and pasta meals in the UK was offset by reduced volume in Italy and Russia.
However, in the UK, baked beans performed well and sales of Weight Watchers from Heinz meals increased 11% during the period.
“Through the first half of the year we have driven sales growth of almost 6% and operating income growth of better than 10%, and we are tracking well against commitments we made earlier in the year,” said William R Johnson, chairman, president and CEO of Heinz.
“Our businesses in Europe are building momentum and generated 9.7% operating income growth in the quarter,” he added.
Net profit was hit by higher tax rates and discontinued operations, while sales were boosted by higher prices and a weaker dollar.
In Europe, overall sales decreased 0.8% as higher pricing on Heinz soup and pasta meals in the UK was offset by reduced volume in Italy and Russia.
However, in the UK, baked beans performed well and sales of Weight Watchers from Heinz meals increased 11% during the period.
“Through the first half of the year we have driven sales growth of almost 6% and operating income growth of better than 10%, and we are tracking well against commitments we made earlier in the year,” said William R Johnson, chairman, president and CEO of Heinz.
“Our businesses in Europe are building momentum and generated 9.7% operating income growth in the quarter,” he added.
No comments yet