Heinz Closing 3 Factories
Heinz Closing 3 Factories
H.J. Heinz Co. announced Thursday it is closing three more factories, in addition to the closings its already announced, as it continues to struggle with a weakened economy in which consumers are buying more generic merchandise. The company suffered declining sales again in the third quarter, particularly in its US foodservice business, prompting action to reduce costs.
In addition to closing the three factories, Heinz also said it is reverting to smaller, cheaper packaging for its namesake ketchup and sauces, and will bring back its baked beans to the US market in an attempt to stoke sales. The company is also preparing to launch a number of smaller, cheaper products to increase the company's presence in dollar stores, where many consumers are turning in the tough economy for grocery shopping.
In the three months ended October 26th, the iconic food company posted a profit of $237 million, or 73 cents a share, down from $251.4 million, 78 cents a share, in the same period a year ago. Excluding one-time items, earnings were 81 cents a share, which actually exceeded the average estimate of 80 cents projected by analysts in a recent Thomson Reuters survey.
H.J. Heinz Co. announced Thursday it is closing three more factories, in addition to the closings its already announced, as it continues to struggle with a weakened economy in which consumers are buying more generic merchandise. The company suffered declining sales again in the third quarter, particularly in its US foodservice business, prompting action to reduce costs.
In addition to closing the three factories, Heinz also said it is reverting to smaller, cheaper packaging for its namesake ketchup and sauces, and will bring back its baked beans to the US market in an attempt to stoke sales. The company is also preparing to launch a number of smaller, cheaper products to increase the company's presence in dollar stores, where many consumers are turning in the tough economy for grocery shopping.
In the three months ended October 26th, the iconic food company posted a profit of $237 million, or 73 cents a share, down from $251.4 million, 78 cents a share, in the same period a year ago. Excluding one-time items, earnings were 81 cents a share, which actually exceeded the average estimate of 80 cents projected by analysts in a recent Thomson Reuters survey.
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