Addressing Kraft’s annual stockholders meeting yesterday (25 April) CEO Roger Deromedi reviewed the positive momentum of Kraft’s sustainable growth plan and reaffirmed its full year 2006 financial guidance for EPS of US$1.55 to $1.60.
Deromedi said that Kraft’s business focus since 2004 had delivered tangible progress in terms of cost cuts, accelerated new product revenues, an improved product mix coupled with an increased portfolio focus on brand value, growth in developing markets and an increased US market share.
“Our sustainable growth plan is fixing our business, enabling us to take better advantage of both our scale and one of the best brand portfolios in the food and beverage industry,” Deromedi said. “While our financial performance lagged our improving business fundamentals last year, 2006 is off to a good start. I’m confident that strong execution of our guiding principles will continue to deliver improved financial performance in 2006 and beyond.”