Heinz profit falls 16 percent

H.J. Heinz Co.’s says its business is thriving in emerging markets but the recession continued to drag down its U.S. and European sales during the second quarter as shoppers limited spending or chose lower-priced products.

PORTLAND, Ore. (AP) — H.J. Heinz Co.’s says its business is thriving in emerging markets but the recession continued to drag down its U.S. and European sales during the second quarter as shoppers limited spending or chose lower-priced products.

The food maker reported Tuesday that its quarterly profit fell 16 percent from last year, when the company’s results were boosted by currency shifts. But it boosted its full-year guidance, saying it will invest heavily in market to spur growth in its sluggish markets.

Tags: us business, business, heinz, profit

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