Roger Deromedi, CEO of US food giant Kraft Foods, has set out the company’s plans for the second half of the year, including new products and increased marketing investment.
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Deromedi reaffirmed the company’s long-term growth targets for ongoing constant currency revenues of around 3% and earnings per share of 6%-9%.
“While we remain focused on driving out costs through productivity, the key to delivering sustainable earnings growth over the long-term in the food industry is consistent revenue growth,” Deromedi said. “To that end, we continue to evolve our new product development process by focusing on fewer, bigger and better ideas, and improving our speed of execution.”
Deromedi said Kraft’s “Sustainable Growth Plan” remains on track in 2004 and the company began to see improvements in our top-line performance in the second quarter.
Some of Kraft’s activities that are expected to accelerate growth in the second half of the year include new products, such as Nabisco 100 Calorie Packs and Honey Maid Oatmeal Cookies; DiGiorno Thin Crispy Crust Pizza and DiGiorno Microwave Rising Crust Pizza; and Tassimo, the company’s proprietary, on-demand hot beverage system in its lead market in France.
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By GlobalDataThe company has also planned increased marketing investment of an additional US$500m to $600m in 2004.
