Kraft's Sales to Grocery Stores Sputter While Growth Stays Elusive
- Budget tightening helps profit beat projections as sales drop
- Company says demand for cheese and meats declined last quarter
Kraft Heinz Co. Heinz brand ketchup, top second left, mustard, top right, and Grey Poupon brand dijon mustard, bottom second left, are arranged for a photograph in Tiskilwa, Illinois, U.S., on Wednesday, Aug. 2, 2017. Kraft Heinz is scheduled to release earnings figures on August 3.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Kraft Heinz Co.’s legendary zeal for cost-cutting helped the food giant cope with a punishing grocery industry last quarter.
The company’s belt-tightening efforts, orchestrated by private equity backer 3G Capital, boosted profit above analysts’ estimates. The stronger earnings came despite another decline in sales during the period.