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Heinz Reports $194.8 Million Net Income
NEW YORK - Aug 24/04 - SNS -- H.J. Heinz Company reported net income of $194.8 million for its fiscal 2005 first quarter ended July 28, 2004, down from $214.0 million during the same period last year.
The company said first quarter sales rose 5.7% from $1,895 million o $2,003 million on account of favorable foreign exchange rates and a 1.9% increase in volume/mix.
The volume/mix improvement was driven mainly by very strong volume growth of 6.7% in the North American Consumer Products business, primarily in frozen brands such as Ore-Ida(R) frozen potatoes. Europe's volume increased 2.1%, reflecting strong volume growth in the U.K. and Italy.
Heinz's gross profit margin was 36.9% in the quarter, a decrease of 0.6 percentage points over the year-ago period. The decrease in the gross profit margin was due mainly to increased trade promotion spending and higher commodity costs.
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