H.J. Heinz's low-priced "comfort foods" will help the company weather the turbulent economy, according to Art Winkleblack Heinz's chief financial officer.
"Remember, we're not selling cars or washing machines," he said during an investor conference on Tuesday. "We're selling one-, two-, three-dollar products. A lot of our products are comfort foods, so in these tough times we have the right product for the right time."
Of course, plenty of food companies, none of them in the car or washing-machine businesses, are struggling. And some of them even sell more comforting comfort foods than Heinz. Kraft, for example.
Still, Heinz is doing well with its Ore-Ida frozen potatoes, soups, beans, and condiments. Winkleblack said the company expects to hit its sales-growth target of six percent this year, with earnings growing by between 8 percent and 11 percent.
Such growth would be especially impressive given the struggles other food producers are facing.