Kraft profits after raising sales prices
Kraft Foods, the world's second-largest producer of grocery products, said Monday earnings rose in the second quarter after it increased price to accommodate higher costs for ingredients and energy, dpa reported.
Net profit rose 4 per cent to 732 million dollars, or 48 cents per share, from from 707 million dollars, or 44 cents, in the year-earlier period, the Northfield, Illinois-based firm said. Revenues rose 21 per cent to 11.2 billion dollars.
The food giant increased prices on 90 per cent of its products, Bloomberg financial news reported. US consumers have faced soaring food prices in the last year that have pushed up overall inflation.
In addition to its primary Kraft brand of cheeses and other products, the firm's products include Philadelphia cream cheese, Oreo cookies, Milka chocolate, Oscar Mayer deli meats and Honey Bunches of Oats breakfast cereals.