H.J. Heinz Co forecast a 7 percent to 10 percent increase in earnings as it continues to speed up growth in emerging markets and invest in new products and promotions.

But the company, which gets the majority of its sales from outside the United States, also said its earnings would be significantly affected by foreign currency fluctuations.

Heinz has been spending money on new product development and offering promotional discounts to U.S. retailers to try to stave off competition from private-label brands and other rivals that are also aggressively offering discounts.

With pressure in the U.S. market, Heinz has seen much of its sales growth in emerging markets such as India, Russia and Latin America.

The company's profit in the fourth quarter that ended April 28, was $192.4 million, or 60 cents a share, compared with $175.1 million, or 55 cents, a year earlier.

Analysts on average forecast 59 cents, according to Thomson Reuters I/B/E/S.

Sales rose 8.3 percent to $2.72 billion. analysts on average forecast $2.75 billion, according to Thomson Reuters.

The company forecast sales in 2011 would rise 3 percent to 4 percent.

(Reporting by Brad Dorfman; Editing by Derek Caney and Maureen Bavdek)