Pandemic-induced curbs led people to eat at home and rely on
packaged meals that proved to be a boon for the Chicago-based
company, which has been struggling with tepid sales and was also
forced to write down the value of several brands by billions of
dollars over the past two years.
Sales in the Jell-O maker's international markets including the
UK, Australia and Latin America, which account for a fifth of
its revenue, were up 7.2% as the company saw a surge in demand
with stuck-at-home consumers buying more condiments and sauces
and boxed dinners. Net sales in the United States, its biggest
business, rose 2.5%.
Net sales rose to $6.39 billion in the three months ended March
27, from $6.16 billion a year earlier. Analysts had expected
sales of $6.24 billion, according to IBES Refinitiv.
Net income attributable to the company rose to $568 million, or
46 cents per share, from $381 million, or 31 cents per share, a
year earlier.
Excluding items, Kraft earned 72 cents per share, beating
analysts' average estimate of 59 cents.
Shares of Kraft, which projects current-quarter organic net
sales to rise by a mid-single-digit percentage, were up
marginally in premarket trading.
(Reporting by Mehr Bedi in Bengaluru, Editing by Sherry
Jacob-Phillips and Sriraj Kalluvila)
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