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U.S. packaged food makers looking to insulate their margins from
a global surge in costs of labor, raw material and freight have
been hiking up product prices over the past year, but have yet
to see any consumer pushback.
In a further boost, Kraft Heinz is still seeing strong demand
for their quick-fix meals, sauces and cooking essentials that
soared in popularity during lockdowns.
The Philadelphia Cream Cheese maker forecast 2022 organic
revenue to increase by a high single-digit percentage, compared
with its prior outlook for a mid single-digit percentage
increase.
Still, net sales fell to $6.55 billion in the second quarter
ended June 25, from $6.62 billion a year earlier. Analysts, on
average, had expected $6.39 billion, according to IBES data from
Refinitiv.
(Reporting by Mehr Bedi in Bengaluru; Editing by Saumyadeb
Chakrabarty and Shailesh Kuber)
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