The Kraft Heinz Company (NASDAQ: KHC), a leading producer of food and beverages, Wednesday announced fourth-quarter results, reporting a decline in sales and profit.
Net income attributable to common shareholders decreased to $757 million or $0.61 per share in the December quarter from $890 million or $0.72 per share in the prior-year quarter. On an adjusted basis, earnings fell to $0.78 per share in Q4 from $0.85 per share in the same period of 2022.
The weak earnings performance reflects a 7% decline in net sales to $6.86 billion. Sales dropped 9% in North America while they remained unchanged year-over-year in the international market.
“We laid out action plans early in 2023 to drive market share and volume improvement – and they worked. We also executed well against our efficiency program, unlocking and powering it in large part with our tech-enabled Agile@Scale methodology,” said Kraft Heinz’s CEO Carlos Abrams-Rivera.