(Reuters) -Kraft Heinz on Wednesday posted a smaller-than-expected drop in sales for the second quarter, helped by resilient demand for its frozen meat cuts and ready-to-eat meals in the United States as consumers tried to stretch their household budgets.
A mix of sticky inflation and heightened economic uncertainty has forced people to cook more affordable meals at home, helping demand for some of Kraft Heinz’s products such as its frozen meals, chilled meats and other pantry staples.
The Jello maker has also raised prices for some of its products such as coffee and meats to offset the higher costs of those commodities.
The company’s shares rose about 1% in premarket trading. They have fallen about 7% so far this year.
Its quarterly net sales fell 1.9% to $6.35 billion, compared with analysts’ average estimate of a 3.35% fall to $6.26 billion, according to data compiled by LSEG.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Devika Syamnath)
Comments