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Kraft Heinz Reveals Second Quarter 2023 Results; Miguel Patricio Comments

Kraft Heinz Reveals Second Quarter 2023 Results; Miguel Patricio Comments


PITTSBURGH, PA & CHICAGO, IL
Friday, August 4th, 2023

Kraft Heinz Company is giving us a closer look at its impressive operational growth. The specialty supplier’s net sales from the three months ending July 1, 2023, grew from $6,721 million to $6,554 million, showing a $167 million gain over last year.

Miguel Patricio, Chief Executive Officer and Chair of the Board, Kraft Heinz“We delivered strong second quarter results, growing net sales, profits, and profitability. This is consistent with our strategy to accelerate profitable growth,” said Kraft Heinz Chief Executive Officer and Chair of the Board Miguel Patricio. “We grew across each of our three pillars: Foodservice, Emerging Markets, and U.S. Retail Grow Platforms. Importantly, we grew profits while also investing in marketing, research and development, and technology, which we funded through gross efficiencies.”

Kraft also shared the following highlights in its report:

  • Net sales increased 2.6 percent
  • Organic net sales increased 4 percent
  • Gross profit margin increased 337 basis points to 33.6 percent; Adjusted Gross Profit Margin increased 180 basis points to 33.3 percent
  • Net income increased 277 percent
  • Adjusted EBITDA increased 6 percent

Kraft Heinz's net sales from the three months ending July 1, 2023, grew from $6,721 million to $6,554 million, showing a $167 million gain over last year

“While we did face headwinds in the second quarter, particularly within U.S. market share performance, the action plans we laid out in the first quarter resulted in share trend improvement each month,” Patricio added. “We expect these action plans, along with continued strong execution from our teams, to drive momentum through the second half of the year. Overall, our results give me confidence in the direction we are headed. As a result, we are reiterating our full-year outlook.”

In the report, the company also announced updates to its outlook for fiscal year 2023, including expectations of organic net sales growth of 4 to 6 percent versus the year prior.

To dive deeper into these results, click here.

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