In the quarter, we delivered robust organic sales growth, again, driven by our trio of growth engines: Emerging Markets, Global Ketchup and our Top 15 brands; year-over-year gross margin improvement for the first time in 5 quarters despite the tough economic environment and higher commodity costs; continued investment in the business including marketing, Project Keystone and more boots on the ground in Emerging Markets and strong constant currency profit growth driven by higher operating income and a lower tax rate. On a reported basis, results were unfavorably impacted by foreign exchange. So overall, we're off to a very good start for the new year.On a constant currency basis, net sales grew by more than 4%, operating income increased 5% and EPS rose more than 15% on a like-for-like basis, which excludes the impact of last year's charges for productivity initiatives. In short, strong results in a very challenging environment.
H. J. Heinz Management Discusses Q1 2013 Results - Earnings Call Transcript
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