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Frozen product sales rising due to recession

This article was originally published in Foodnews

HJ HEINZ Co has reported strong sales, partially due to frozen products rising by 22% as cash-strapped consumers are cooking more meals at home. Pittsburgh-based Heinz said the profit for the three months rose to US$276.7 million on 29 October 2008. Revenues rose from 4% to US$2.61 billion from US$2.52 billion. Retail prices rose by 7.1% worldwide and by 8% in the US. Ketchup sales grew 12%, helped by new packaging formats in Europe and higher prices. TGI Friday's frozen meals are also a strong seller for Heinz. The company's restaurant business is the only section where sales have fallen as customer traffic slowed. Heinz confirmed guidance for the year of earnings as US$2.87-2.91/share on a 6% sales increase.

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