Heinz optimistic despite profit slide

Posted by Nicole Eckersley on 31st May 2010

US food group Heinz said it performed ‘well’ in a challenging and volatile global environment, despite a slide in full-year profits.

For the 12-months ended 28 April, net income attributable to shareholders dropped to US$864.9m compared to $923.1m in the prior year.

EPS dropped to $2.87 from $2.91 in the prior year, which was unfavourably impacted by $0.29 from net currency movements.

Sales, however, grew 4.8% to $10.5bn, while operating income increased 3.8% to $1.56bn.

Heinz chairman, president and CEO William Johnson said: “Heinz delivered strong profit with record sales and cash flow in fiscal 2010 as our businesses and iconic brands around the world performed well in a challenging and volatile global environment.

He added: “Heinz’s emerging market businesses drove much of our growth, paced by outstanding performance in India, Indonesia, Russia, Latin America and the Middle East.”

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