Print Edition - 2018-08-05  |  Money Digest

Kraft Heinz tops estimates with higher pricing

CHICAGO

Aug 5, 2018-

Kraft Heinz Co topped quarterly profit and revenue estimates on Friday as the Tater Tots maker raised product prices and posted higher-than-expected sales from the United States for the first time in several quarters. Shares in the Chicago-based company rose as much as 9.4 percent, the stock’s biggest percentage gain in 18 months. Many packaged food companies have been forced to nudge prices up in recent months to combat skyrocketing commodities and transportation costs. Prices had long been suppressed by fierce competition between retailers and changing consumer eating habits. Kraft Heinz, which also makes Philadelphia cream cheese and Planters peanuts, said it had raised prices everywhere but Europe, the Middle East and Africa. (REUTERS)

Published: 05-08-2018 08:46

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