Check out why Heinz didn’t suffer like Hormel did in the past quarter.

H.J. Heinz came in with a quarterly profit that beat Wall Street expectations, helped by price increases and new product sales, while Jennie-O turkey seller Hormel Foods saw its earnings dip.

Food companies have found it tough going as commodity costs shoot up, but Hormel was particularly hard hit. The reason? It raises the turkeys that it eventually sells — meaning spiking corn feed costs hurt its results. 

Also in food news –  Burger King reported quarterly numbers that easily beat analysts’ expectations, as consumers headed to its restaurants for a burger or two. It also issued a fiscal 2009 outlook within Wall Street’s expectations.

On the apparel end, Children’s Place posted a small quarterly profit, helped by summer clothing sales and cost cuts. Still, the kids’ apparel retailer said it expects further pressure on consumer spending due to the weak U.S. economy.

To round up news in the sector, Kohl’s Corp, a mid-tier department store operator, named its president Kevin Mansell as its chief executive, replacing Larry Montgomery, who will remain the company’s chairman.

Also in the basket:

Skechers says still wants to buy Heelys

Shareholder aims to thwart Longs-CVS deal - NY Post   

Tesco completes 605 mln stg of property deals

(Photo: Reuters)

Check out McDonald’s Corp’s long-awaited switch to trans fat-free cooking oil in the United States and Canada.

Jim Skinner, CEO at the Golden Arches, said the world’s largest hamburger chain finished dumping the oil with artery-clogging trans fats during the last few months. Speaking to investors at the company’s annual meeting, he also promised that pies and other baked goods would also be trans fat-free by year end. 

McDonald’s was among the first fast-food purveyor to vow to stop using trans fats, but it lagged the competition when it came to putting its money where its mouth is.

The company had its reasons. It said it was insuring a consistent taste for its french fries and looking for a supplier that could deliver enough trans fat-free oil to meet its needs.

Meanwhile, No. 3 hamburger chain Wendy’s was the first fast-food seller to swap to trans fat-free cooking oil in 2006. Yum Brands Inc’s U.S. KFC and Taco Bell chains completed their switch last year.

Burger King, the No. 2 hamburger chain, has promised to dump trans fat-containing frying oil by the end of this year. Until that happens, you can check out its nutritional charts to see how much trans fat it is serving up with your Whopper and fries.

For all the fuss made over the trans fat issue, you would have expected attendees of McDonald’s annual meeting to let up a cheer. Not so. Individual investors lodged new demands and divided into two camps: doggie happy meals vs.  kitty happy meals.
 

Also in the basket:

McDonald’s absorbs some costs to keep consumers

Hormel quarterly profit up 14 percent; shares fall

Children’s Place posts higher quarterly profit 

Ann Taylor outlook disappoints; shares fall