Heinz Records Double Digit Decline in Frozen Meals

H.J. Heinz Corporation II (“Heinz”) recently announced financial results for the first quarter of 2015 which reflect solid underlying business performance.
“We continued to make strong progress on the transformation of our business during the first quarter of the year,” said Heinz CEO Bernardo Hees. “First quarter results were consistent with our expectations and we remain on track to deliver on our internal targets for the year.”
However, US revenues were impacted by a double-digit decline in the Frozen Meals category, and Europe revenues were impacted by category declines in the UK and in Italy.
Adjusted EBITDA of USD 651m was down 5.4% versus the year-ago period, driven by an unfavorable currency impact of 5.8% and the impact of the SAP implementation in North America. Organic adjusted EBITDA was essentially flat versus the year-ago period.

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