Packaged food makers have been bumping up prices of their
products to contend with surging costs of everything from
shipping and labor to raw materials such as wheat, meat and
edible oils.
Kraft reported a net loss attributable to common shareholders of
$257 million, or 21 cents per share, driven by non-cash
impairment losses of $1.3 billion. It reported a net income of
$1.03 billion, or 84 cents per share, a year earlier.
Net sales fell to $6.71 billion in the fourth quarter ended Dec.
25, from $6.94 billion a year earlier, owing to an impact from
acquisitions and divestitures.
Analysts on average had expected sales of $6.61 billion,
according to Refinitiv IBES.
(Reporting by Deborah Sophia and Mehr Bedi in Bengaluru; Editing
by Ramakrishnan M.)
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