Kraft profit rises but revenue falls short
NEW YORK (AP) — Kraft Foods Group Inc. says it profit rose in the second quarter but its revenue slipped on weak sales of cold cuts and salad dressings.
The company, which makes Miracle Whip, Oscar Mayer and other staples found in American pantries, raised its guidance for the year, citing a one-time benefit related to its pension plans.
Its shares edged up 39 cents to $57.50.
The decline in sales comes as Kraft looks to find its way as an independent company after splitting from Mondelez International Inc. late last year. Kraft took grocery brands primarily sold in North America while Mondelez took global snack brands that are expected to grow at a faster rate, such as Oreo.
Kraft, based in Northfield, Ill., has said that it's embracing the spirit of a startup company to drive big innovations and refresh older brands such as Jell-O.