Kraft Foods reports increase in revenue for first quarter
Global snacks company Kraft Foods has reported a 4.1 per cent increase in revenue for the first quarter of the 2012/13 financial year.
The company, which owns iconic brands including Cadbury, Jacobs, Kraft, Oreo, Maxwell House, Milka, Philadelphia and Trident, reported profits of US$813 in the first three months of the financial year.
Kraft’s Chairman and CEO, Irene Rosenfeld said the results were driven by new product innovation and effective cost management.
A rise in product prices accounted for 5.5 per cent of the revenue increase, according to Kraft’s results statement, while volume contributed one per cent.
Kraft’s Executive Vice President and CFO, David Brearton said, “We continue to expect 2012 Organic Net Revenue growth of approximately 5 per cent.”
Kraft Foods intends to divide and create two independent public companies before the end of 2012: a high-growth global snacks business (which will be called Mondelez) and a high-margin North American grocery business (which will continue to be called Kraft).
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