Kraft Heinz Co on Thursday missed quarterly sales estimates due to lower demand for products like bacon and cheese, and wrote down the value of some businesses – including coffee brand Maxwell House – by $666 million. Kraft Heinz’s sales have been muted for fourteen straight quarters as consumers turn to cheaper private label brands, online shopping and fashionable, non-processed and organic food. Thursday’s results mark the one-year anniversary of Kraft Heinz reporting a surprise loss and taking a $15.4 billion writedown of key brands – a move that rocked the consumer goods industry and led to the …read more
Source:: Yahoo Finance
