Kraft Heinz earns $378 million between January and March, down 6.7%

US food products maker Kraft Heinz posted net attributable profit of $378 million in the first quarter of the year, corresponding to a 6.7% decline compared to earnings for the same period in 2019.

“The transformation work that we started last year along with the flexibility, agility and creativity of our employees and the tremendous collaboration with retail clients is taking shape,” said the company’s CEO, Miguel Patricio.

The net turnover of the company who specializes in condiments grew 3.3%, reaching $6.157 billion.

By geographical area, sales in the United States grew by 6.4%, to $4.495 billion, while in Canada they contracted 19.8%, to $361 million. Revenues from the rest of the countries advanced to $1.301 billion, 1.2% more.

The cost of products sold was $4.299 billion, 8.9% more, while selling, general and administrative expenses were $862 million, 4% more.

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