Kraft Heinz used overall price increases to bring in more revenue in the latest quarter, even as overall sales volume declined.
Kraft Heinz used overall price increases to bring in more revenue in the latest quarter, even as overall sales volume declined.
Sales for the second fiscal quarter ending in June were down 0.9%, to $5.03 billion, but organic sales – which exclude the impact of acquisitions and divestitures – were up 10.1%. The increase came despite a drop in unit sales volume of 2.3%. Kraft Heinz made up for slower sales with average increases on product prices of 12.4 percentage points.
Net income was $265 million, compared with a loss of $25 million in the same quarter last year.
"We delivered yet another quarter of strong results as we continue to successfully navigate near-term headwinds, enabled by further advancements of our long-term strategy," CEO Miguel Patricio said in a statement. "Though the environment remains fluid, we are better able to anticipate dynamic conditions, adapt to this constantly changing environment, and demonstrate our resiliency against new challenges.”
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