There was good news and bad news for Kraft Heinz following the release of the company’s third quarter results.
Sales were $6.1 billion, down 4.8 per cent on the same quarter last year. According to Kraft Heinz, the decrease was partly the result of a 2 per cent negative impact from divestitures and an unfavourable 1.7 per cent impact from currency.
“While our third-quarter results remain below our potential, we showed sequential improvement versus the first half, and I believe we are beginning to operate the business better,” said Miguel Patricio, Kraft Heinz’s chief executive.
Patricio emphasised the company’s progress in identifying and addressing the root causes of its poor past performance. “Although there is still much work ahead, we’re encouraged by our improving performance and are even more confident in our ability to turn around the company and set a path of long term growth and profitability,” he explained.