Heinz Reports Annual Sales of $10.5bn

Heinz Company has reported a 4.8% increase in annual sales to $10.5bn.

The US food company said earnings per share (EPS) from continuing operations increased 9.3%, gross profit grew 6.3% to $3.79bn, and gross margin increased by 50 basis points to 36.2%.

Heinz reported a net income of $914m, or $2.87 a share, from continuing operations.

In the fourth quarter ending 28 April 2010, Heinz’s sales grew 8.3% to $2.72bn while EPS from continuing operations grew 7.1%.

The company’s total net income in the quarter grew 9.8% to $192m.

During the last financial year operating income increased 3.8% and the company generated operating free cash flow of $1.08bn.

The company’s leading 15 brands generated 70% of its sales, Heinz said.