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Kraft Foods 1Q profit rises 10 percent

Kraft Foods 1Q profit rises 10 percent

Kraft Foods says its first-quarter profit rose 10 percent even as sales dropped as consumers pulled back on their spending.
The maker of Velveeta, Oreo cookies and Maxwell House coffee said Tuesday it earned $660 million, or 45 cents per share in the three-month period ending in March. That compares to earnings of $599 million, or 39 cents per share, a year earlier.
The Northfield, Illinois-based company says revenue fell 6.5 percent to $9.4 billion from $10.05 billion.
The earnings beat analyst predictions for a profit of 40 cents a share. But revenue fell short of analysts' expectation for $9.67 billion.


Updated : 2021-05-08 03:00 GMT+08:00