Kraft Heinz Shares Fall After Second-Quarter Results
July 27 2022 - 2:02PM
Dow Jones News
By Dean Seal
Shares of Kraft Heinz Co. were 7% lower at $35.92 by midday
Wednesday after the company beat second-quarter earnings
expectations and said it will increase its promotions.
The food giant's top line and earnings were above analysts'
expectations, and comparable sales grew more than 10% during the
quarter due to higher prices.
Those raised prices and supply constraints led to lower sales
volume for the quarter. Kraft's gross profit margin also narrowed
amid steep inflation on key ingredients, packaging materials,
transportation and labor.
Kraft said Wednesday that it will offer more deals and discounts
in the months ahead as customers seek savings in the face of record
inflation and the threat of a recession.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 27, 2022 13:47 ET (17:47 GMT)
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