Kraft Heinz Q4 net sales slide; CEO Miguel Patricio to become chair
Source Kraft Heinz Co.
Kraft Heinz Co., a maker of more than 200 retail products and foodservice condiments, said its net sales decreased 3.3% in the fourth quarter of 2021, versus the year-ago period, to $6.7 billion, including a negative 7.3% impact from acquisitions and divestitures and a favorable 0.1% impact from currency.
The maker of Cornnuts, popular snacks in vending and micro markets, added that its net sales versus the comparable 2019 period increased 2.6%. Organic net sales(1) increased 3.9%, compared with the prior year period and 9.4%, versus the comparable 2019 period
The company's pricing rose 3.8%, compared with the prior year period with growth across each reporting segment that primarily reflected inflation-justified price increases in foodservice and retail channels. Volume/mix was essentially flat versus the year-ago period as benefits from continued recovery in foodservice channels were offset by a combination of comparisons with extraordinary COVID-19-related retail demand in 2020 and temporary supply constraints.
“Our strategic transformation has powered another year of outstanding performance,” said Kraft Heinz chief executive Miguel Patricio. “Our achievements are proof that our scale and agility have led to better results and greater relevance with customers and consumers."
In other news, Kraft Heinz announced that its board of directors will appoint Patricio chair, subject to his reelection at the company's 2022 stockholders meeting. After years of distinguished service, chair of the board Alexandre Behring will retire following the end of his term at the annual meeting.
The company also announced that the board has nominated James Park of Fitbit at Google to stand for election at the 2022 annual meeting.
