Kraft Heinz reported a net loss and a slight year-over-year decline in sales for the most recent quarter, as the company feels the effects of the end of pandemic pantry stocking.
Sales for the three months ending June 26 stood at $4.7 billion in the United States, a drop of 3.6% from the same period last year. Total sales were $6.6 billion, a drop of 0.5% from last year.
Kraft Heinz incurred a net loss for the quarter of $25 million, but management was optimistic that the company is in a good position coming out of the pandemic.
"Our second quarter results serve as a strong indicator that our Kraft Heinz team will not only deliver a stronger 2021 than we initially anticipated, but will come out of the global pandemic much stronger than we entered,” Kraft Heinz CEO Miguel Patricio said in a statement.
Kraft Heinz management says it expects adjusted earnings for 2021 to be ahead of 2019 earnings, which it says is “more meaningful than the comparable 2020 period given the exceptional, COVID-19-related consumer demand changes experienced in the 2020 period.”
