US food giant Kraft Foods has warned that its third-quarter profit will be lower than expected due to higher spending on marketing and promotions.

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The Northfield, Illinois-based company said it expects to post third-quarter earnings of between 45 cents and 47 cents a share. Analysts polled by Reuters Research had been expecting, on average, 49 cents a share.


Kraft said it plans to spend more than US$200m on additional marketing programmes for its biscuits, coffee, cold cuts and cheese businesses. Around $140m of that is to be used for price promotions, reported Reuters.


Kraft also confirmed its full-year guidance of $2.00 to $2.05 per share on sales growth of around 2% in volume terms.

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