Kraft’s third quarter profit up 7.3 percent
NEW YORK – Kraft Foods Group Inc. says its net income rose 7.3 percent in the third quarter but revenue declined, mainly because of moves related to its split from Mondelez International a year ago.
Kraft said it earned $500 million, or 83 cents per share, for the three months that ended Sept. 28. That compares with $466 million, or 79 cents per share, a year ago.
Revenue declined 4.2 percent to $4.39 billion. Last year, Kraft shipped stock to retailers early as a precaution ahead of a systems changeover as part of its spinoff from Mondelez. So it booked more revenue that quarter than it otherwise would have.
Kraft, based in Northfield, said it’s focusing on big innovations and refreshing older brands, such as Grey Poupon and Kool-Aid.