Foodmakers Heinz, Smucker post higher earnings
Sunday, November 23, 2008MILWAUKEE - With consumers looking for comfort foods and ways to save money, foodmakers H.J. Heinz Co. and J.M. Smucker Co. posted higher earnings Friday and said they’re benefiting from price increases and the trend of more people eating at home.
Sales in the recent three-month quarter were strong for Heinz’s core products, like its namesake ketchup, and T.G.I. Friday’s frozen meals, and Smucker’s fruit spreads, Hungry Jack potatoes and pancakes.
Revenue for Heinz rose 4 percent to $2.61 billion in the quarter ended Oct. 29, on a 7.1 percent worldwide price increase. Volume slipped 1.3 percent. Smucker’s sales rose 19 percent to $843.1 million in the three months ended Oct. 31, and the Orrville, Ohio-based company said pricing was the primary driver, though it also saw volume gains.
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