Kraft Heinz Draws Customers Back to Familiar Brands
2020年10月29日 - 9:56PM
Dow Jones News
By Annie Gasparro
Kraft Heinz Co. said higher grocery demand during the
coronavirus pandemic is setting the food maker up to exceed sales
expectations for next year.
Kraft Heinz said Thursday that revenue rose 6.3% in its third
quarter, excluding the effects of currency fluctuations and
divestitures. Its earnings topped analyst expectations, sending
shares up 3% in premarket trading.
Chief Executive Miguel Patricio has said that with people
staying at home because of the coronavirus pandemic, the company
has been able to attract younger consumers and draw shoppers of all
ages to its familiar food brands.
"Although there are multiple future scenarios we must plan for
and manage against, we are in a strong position," he said.
However, brands such as Oscar Mayer deli meats and Maxwell House
coffee have lost market share. The company has said it would
increase advertising in hopes of capitalizing on the sales momentum
generated by the pandemic.
Mr. Patricio last month outlined for investors a plan to further
cut costs and spend the savings largely on innovation and marketing
for its most promising brands.
Kraft Heinz's namesake cheese wasn't among them. The company has
agreed to sell a major chunk of its cheese business to French
company Lactalis Group for $3.2 billion in a deal expected to close
next year.
Overall for the quarter, Kraft Heinz's profit fell to $597
million from $899 million a year earlier, primarily due to
divestitures. Excluding certain one-time charges, its adjusted
profit rose 1.4% to 70 cents a share. Its revenue rose 6% from the
prior year to $6.44 billion. The results topped analysts'
projections of $6.32 billion in sales and 62 cents a share in
adjusted earnings.
Write to Annie Gasparro at annie.gasparro@wsj.com
(END) Dow Jones Newswires
October 29, 2020 08:41 ET (12:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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