Aug 2 (Reuters) – U.S. food giant Kraft Heinz on Wednesday reported second-quarter sales below expectations as higher prices discouraged customers.
During the quarter, Kraft Heinz volumes fell 7 percentage points from a year ago as customers sought cheaper alternatives to the group’s products.
Ketchup maker Heinz’s net sales reached $6.72 billion (6.12 billion euros) in the second quarter, up from $6.55 billion a year ago. Analysts on average had expected $6.81 billion, according to IBES data from Refinitiv.
The company reported adjusted earnings of 79 cents per share for the quarter, better than analysts’ estimate of 76 cents per share. (Reporting Savyata Mishra in Bangalore; French version Gaëlle Sheehan, editing by Kate Entringer)
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