Published August 22, 2008, 12:00 AM
Heinz, Hormel deal with high costs
Rising commodity costs kept weighing on food makers H.J. Heinz Co. and Hormel Foods Corp. in the most recent quarter, even as consumers continued to swallow price increases for their favorite foods. Hormel Foods, the maker of Spam and Jennie-O Turkey, said Thursday that its fiscal third-quarter profit fell 9 percent as higher meat, fuel and other costs outweighed price increases and hurt margins.
MILWAUKEE (AP) — Rising commodity costs kept weighing on food makers H.J. Heinz Co. and Hormel Foods Corp. in the most recent quarter, even as consumers continued to swallow price increases for their favorite foods.
Hormel Foods, the maker of Spam and Jennie-O Turkey, said Thursday that its fiscal third-quarter profit fell 9 percent as higher meat, fuel and other costs outweighed price increases and hurt margins.
H.J. Heinz’s fiscal first-quarter profit rose 11 percent, fueled by double-digit sales growth in North America and Europe.
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