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Price hikes help Kraft post profit

Earnings Roundup

July 29, 2008|From Times Wire Services

Kraft Foods Inc. reported growth in the second quarter as consumers, undeterred by Kraft's price increases, abandoned restaurants for less-costly meals at home and the company benefited from its restructuring plan.

Profit rose almost 4% to $732 million, or 48 cents a share, up from $707 million, or 44 cents, a year earlier. A weak dollar and gains from an acquisition helped sales jump 21% to $11.2 billion. But price increases accounted for more than 7% of the revenue gain.

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