US grocery supplier Kraft Foods Group claimed a “steady” start to 2014, with one-offs helping profits and a later Easter weighing on sales.
Net earnings were up 12.5% at US$513m and operating income 11.7% higher at $904m.
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Profits were boosted by proceeds from items including post-employment benefit plans and hedging. Underlying operating income was flat as lower sales volumes offset cost savings.
This year’s later Easter hit volumes. Kraft said organic sales were down 2.4%. The Jell-O dessert owner said the drop came amid a 2.8 point fall in “volume/mix”. Net revenue was down 3.3% at $4.4bn.
Shares in Kraft, which released the results after the bell, were down 0.74% in after-hours trading.
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