Food manufacturing conglomerate Kraft Heinz reported its 2021 second quarter financial results Wednesday for the three-month period ended June 26, showing that overall sales dipped year-over-year, especially in the US.
The company reported total Q2 sales of $6.62 billion, down 0.5 percent year-over-year. In the US, where Kraft Heinz does 71.6 percent of its business, sales fell 3.6 percent. US organic sales fell 2.7 percent. International sales grew 8.3 percent in the quarter and they grew 8.8 percent in Canada.
The company noted that, compared to 2019, Q2 net sales increased 3.2 percent, with organic sales up 5.0 percent.
Q2 pricing was up 1.5 percentage points from a year earlier, while volume/mix was down 3.6 points.
The Pittsburgh and Chicago-based company's Q2 gross profit of $2.29 billion fell 6.6 percent year-over-year, while operating profit of $1.24 billion was a complete reversal of a $1.34 billion loss a year earlier. Kraft Heinz had a Q2 net loss of $27 million, far better than the $1.65 billion loss it had a year earlier.
“We continue to drive our transformation program forward, modernizing our brands and better connecting with our consumers," said Miguel Patricio, Kraft Heinz CEO. "And while industry challenges, like cost inflation, certainly remain, the investments we are making in our people, brands, and capabilities are enabling us to leverage our tremendous scale through greater agility and build our advantage in the markets we serve around the world."
