Kraft’s Profit Rises 44% in Wake of Price Boosts
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Kraft Foods Inc. said second-quarter profit rose 44% after it increased prices on meats and coffee.
Net income climbed to $682 million, or 41 cents a share, Northfield, Ill.-based Kraft said. Profit a year earlier was $472 million, or 28 cents, after the sale of candy operations to Wm. Wrigley Jr. Co. reduced earnings by 17 cents a share. Revenue grew 3.4% to $8.62 billion.
Chief Executive Roger Deromedi was ousted June 26 after Kraft’s results trailed those of rivals Kellogg Co. and General Mills Inc.
Shares of Kraft, which is 88% owned by New York-based Altria, rose 51 cents to $30.50.
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