Kraft continued to make steady progress during the quarter and still has "more work to do," CEO
Shares of Kraft, the maker of
Revenue fell 3.3 percent to
Sales of refrigerated meals were flat, with strong sales of Lunchables and weakness in cold cuts and bacon.
Beverage revenue declined as the company lowered prices due to lower coffee costs and spent more to promote its
Analysts, on average, had expected Kraft to earn
Vernon previously said that he thought retailers had more inventory on hand than they typically carry, and therefore could opt to order less. At the same time, some of the orders the company filled during the first quarter of last year, tied to the timing of Easter, moved into the second quarter of this year. The holiday fell on
Shares of Kraft fell slightly in after-hours trading following the company's report.
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