TELETRADER News
4/27, 1:03 PM (Source: TeleTrader)
more TeleTrader news

Kraft Heinz: Q1 net sales fall 5.5% to $6B

The Kraft Heinz Company announced that its net sales decreased 5.5% year-on-year to $6 billion in the first fiscal quarter of 2022.

Diluted earnings per share stood at $0.63, marking an increase of 37% compared to the first trimester of 2021, while gross profit dropped 12.3% to $1.93 billion. Net income soared 37.5% on a yearly basis to $781 million in the opening trimester.

"We continue to build critical capabilities, greater corporate agility, and additional financial flexibility to address short-term turmoil while building our long-term advantage. We still have work to do, more opportunity ahead, and we remain confident in our ability to deliver our plan for the year as well as our long-term growth strategy," CEO Miguel Patricio said in a statement.

Company stock was up 0.95% in premarket trade following the release of the quarterly figures.

Baha Breaking News (BBN) / MS