Heinz reports growth in first quarter of new fiscal year

Heinz has expressed satisfaction with its financial performance in the first three months of the 2010-11 fiscal year, after reporting signs of growth.

The food, health and nutrition company experienced a 1.6 per cent sales increase to $2.5 billion (1.6 billion pounds) year-on-year, while earnings per share saw a double-digit rise, despite challenging trading conditions.

Its infant nutrition unit was affected by this, seeing a mild decline in revenues, though business in this sector was able to benefit from new product launches in Asia.

Heinz stated that it plans to continue executing its growth strategies in the remainder of the year by expanding its core portfolio and improving its global reach.

William Johnson, Heinz's chairman, president and chief executive officer, said: "Heinz is off to a good start in fiscal 2011 and we remain confident about the company's business fundamentals, despite the difficult economic climate."

This comes after the firm experienced record-breaking results in the 2009-10 fiscal year, with total sales for the 12 months coming to $10.5 billion.