Heinz shares drop

- Last updated on GMT

Related tags: United states

Shares in Heinz, the U.S food company, fell more than 5 per cent to
$35.19 on Wednesday after news that its first-quarter sales
dropped, the Financial...

Shares in Heinz, the U.S food company, fell more than 5 per cent to $35.19 on Wednesday after news that its first-quarter sales dropped, the Financial Times reported yesterday. Sales for the quarter ending August 2 were down 1.3 per cent to $2.15bn. Though sales in Heinz's European division were up 15.9 per cent, sales in North America dropped 3.5 per cent, due to lower sales for its StarKist tuna brand and canned pet food. In Asia, sales dropped 4.6 per cent, because of unfavourable exchange rates. Heinz reported earnings of $237.7m, or 68 cents a share, up from $223.8m, or 61 cents, year-on-year, excluding special items, the financial paper noted.

Related topics: Market Trends

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