Higher Kraft Heinz profit despite lower turnover | RetailDetail

Higher Kraft Heinz profit despite lower turnover

Higher Kraft Heinz profit despite lower turnover
Shutterstock

Food company Kraft Heinz’ second quarter like-for-like turnover dropped slightly, but the American company did manage to seriously enhance its profitability.

Lower costs

Kraft Heinz’ second quarter turnover reached 6.7 billion dollars (5.6 billion euro), down 1.7 % compared to last year. On a like-for-like basis, turnover dropped 0.9 %. North American and European promotions negatively impacted turnover by 0.4 % because of lower prices.

 

Net profit did grow 50.5 % to 1.16 billion dollars (975 million euro), mostly thanks to internal cost-saving measures. It previously indicated to lower annual costs by 1.7 billion dollars (1.4 billion euro) until 2018.

 

Despite the lower turnover (at least compared to last year), Kraft Heinz’ performance was still better than in its first quarter. “As expected, our second quarter results were sequentially better than our first quarter, and we expect this momentum to continue into the second half of the year”, CEO Bernardo Hees said. 

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Another six cash register-free Amazon Go stores planned

23/02/2018

Er komen na de opening van de eerste Amazon Go-winkel vorige maand nog minstens zes van de hoogtechnologische en kassaloze winkels gemakswinkels bij. Onder meer Los Angeles en Seattle krijgen nieuwe Amazon Go-winkels.

Belgian CEO leaves Le Pain Quotidien

23/02/2018

After seventeen years, Vincent Herbert has decided to step down as Le Pain Quotidien CEO. Jerry Gamez, who has plenty of experience at fastfood chain Burger King and Walmart, will succeed him.

Takeaway.com acquires Eastern European competitors

23/02/2018

Fast food supplier Takeaway.com acquired its Bulgarian competitor BGmenu and its Romanian competitor Oliviera in yet another step towards its goal of being the European market leader.

Spar will trial contact-free and cash register-free payments

22/02/2018

Retail Partners Colruyt Group – Colruyt Group’s entrepreneurial division – is creating an app for Spar which allows customers to use their smartphones to scan and pay for their own groceries.

Record results for Henkel

22/02/2018

German Henkel experienced a strong 2017, with record numbers for both its profit and turnover. The company managed to surpass the 20 billion euro turnover milestone for the first time.

Duvel Moortgat adds Italian brewery

22/02/2018

Duvel Moortgat increased its minority stake in Italian brewery Birrificio del Ducato to 70 %. The Belgian brewery, known for Vedett, has been part of the brewery near Parma since 2016.

Back to top