Ketchup maker sees sales drop

New York: HJ Heinz Co posted weaker-than-expected quarterly sales and said US consumers remain frugal, sending the ketchup maker’s shares lower.

Sales dropped 1.2% to $2.61 billion (€1.92bn), hurt by the impact of foreign exchange rates, and fell short of analysts’ expectations for $2.67bn. Yet the company, which also makes Ore-Ida frozen potatoes and Smart Ones frozen entrees, topped analysts’ profit expectations, helped by growth in emerging markets, and raised the target for how much free cash it expects to generate this fiscal year.

“US consumers are in a funk,” said chief executive William Johnson, noting that use of coupons is up 5% this year.