Reporting its second quarter results, Kraft Heinz said that it is “anticipating and adapting to changing market conditions” and would manage inflation through “pricing realisation and gross efficiencies.”
The Kraft Heinz portfolio includes brands such as Heinz Ketchup, Philadelphia and Capri Sun.
On releasing its latest trading figures, shares of the US manufacturer dropped 7%. Prices on some products in the Kraft Heinz range have already been raised by more than 12% this quarter.
At the end of June, Kraft Heinz stopped supplying Tesco with some of its products in a dispute over pricing. Ketchup, baked beans and tomato soup were amongst the various products reported to be missing from shelves in certain Tesco stores. The dispute has since been resolved.
Adapting to change
Commenting on the results, Kraft Heinz CEO and Chair of the Board Miguel Patricio said that the company had delivered yet another quarter of strong results as it continues to “successfully navigate near-term headwinds.”
He added: “Though the environment remains fluid, we are better able to anticipate dynamic conditions, adapt to this constantly changing environment, and demonstrate our resiliency against new challenges.
“I am very proud of the Kraft Heinz team because, despite all of the challenges, employees across the organisation continue to do a tremendous job.”
