Latest news with #consumer
Reuters
6 hours ago
- Business
- Reuters
Kraft Heinz beats quarterly revenue estimates on steady US demand
July 30 (Reuters) - Kraft Heinz (KHC.O), opens new tab on Wednesday posted a smaller-than-expected drop in sales for the second quarter, helped by resilient demand for its frozen meat cuts and ready-to-eat meals in the United States as consumers tried to stretch their household budgets. A mix of sticky inflation and heightened economic uncertainty has forced people to cook more affordable meals at home, helping demand for some of Kraft Heinz's products such as its frozen meals, chilled meats and other pantry staples. The Jello maker has also raised prices for some of its products such as coffee and meats to offset the higher costs of those commodities. The company's shares rose about 1% in premarket trading. They have fallen about 7% so far this year. Its quarterly net sales fell 1.9% to $6.35 billion, compared with analysts' average estimate of a 3.35% fall to $6.26 billion, according to data compiled by LSEG.
Yahoo
6 hours ago
- Business
- Yahoo
Kraft Heinz beats quarterly revenue estimates on steady US demand
(Reuters) -Kraft Heinz on Wednesday posted a smaller-than-expected drop in sales for the second quarter, helped by resilient demand for its frozen meat cuts and ready-to-eat meals in the United States as consumers tried to stretch their household budgets. A mix of sticky inflation and heightened economic uncertainty has forced people to cook more affordable meals at home, helping demand for some of Kraft Heinz's products such as its frozen meals, chilled meats and other pantry staples. The Jello maker has also raised prices for some of its products such as coffee and meats to offset the higher costs of those commodities. The company's shares rose about 1% in premarket trading. They have fallen about 7% so far this year. Its quarterly net sales fell 1.9% to $6.35 billion, compared with analysts' average estimate of a 3.35% fall to $6.26 billion, according to data compiled by LSEG. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
P&G beats on earnings, warns of $1 billion tariff hit
Procter & Gamble (PG) is taking a cautious approach to the next twelve months as it navigates uncertain consumers and Trump tariffs. The company said Tuesday it will see a $1 billion hit to profits in its new fiscal year as a result of tariffs. It offered mix EPS guidance as a result, with the bottom end of the range below analyst forecasts. Shares rose slightly in pre-market trading as fourth fiscal quarter results beat estimates. P&G's earnings are being overshadowed by a surprise change atop the C-suite ahead of the results. The consumer products giant announced late Monday that Shailesh Jejurikar will succeed CEO Jon Moeller on Jan. 1, 2026. Jejurikar is currently the company's COO but has been with P&G since 1989. He has helped lead some of P&G's most important businesses around the world, notably a fabric care business led by the Tide brand. Moeller has been the CEO of P&G since November 2021. He has been with the company since 1988, holding positions such as COO and CFO before landing the top job from David Taylor. Moeller will assume the position of executive chairman of P&G. "We are not surprised as we believe Mr. Jejurikar's was the natural successor to CEO Moeller after his appointment to the COO position in October of 2021. We also think Jejurikar's experience in both developed markets and emerging market and as the CEO of global fabric care and home care gives him enough experience to lead P&G," said JP Morgan analyst Andrea Teixeira. Earnings insight: Weakness in fabric and baby products Net sales: $20.9 billion, +2% from the prior year vs. $20.82 billion estimate Organic sales growth: +2% vs. +1.75% estimate Beauty segment organic revenue growth: +1% vs. +1.6% estimate Grooming segment organic revenue growth: +1% vs. +2.46% estimate Healthcare segment organic revenue growth: +2% vs. +3.57% estimate Fabric and home care segment organic revenue growth: +1 vs. +1.76% estimate Baby, feminine, and family care segment organic revenue growth: +1% vs. +1.37% estimate Adjusted EPS: $1.48, +6% from the prior year vs. $1.42 estimate What else caught our attention: Warnings Full-year organic sales growth: 0% to +4% (estimate: +2.54%) Full-year earnings per share: $6.83 to $7.09 (estimate: $6.99) Brian Sozzi is Yahoo Finance's Executive Editor and a member of Yahoo Finance's editorial leadership team. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email
National Post
a day ago
- Business
- National Post
Terry Newman: Why your steak sucks this summer
Article content When questioned about where the meat comes from, he said that, 'The chicken is almost 99 per cent Canadian. The beef and the pork, one day we could get 10 cases of back ribs and it's all Canadian, and the next day we get two cases of American.' Article content Yet 'none of the labels would tell you. That's what the little flags are for,' he explained, pointing to signs sitting above a bin of meat. 'Every couple of hours, they're constantly revising it in terms of what is and what isn't (Canadian).' Article content Again, there was nothing on the individual packages of meat to indicate whether the beef is foreign or homegrown, just flags or signs being shifted around to indicate whether beef is Canadian. Article content I spoke to a fourth butcher, this time at a Loblaws store, who confirmed that if it is not marked, there is no way for consumers to tell if the beef they are buying is from the United States or elsewhere. Article content At this location, a display case with unpackaged prime cuts featured some pieces of meat with flags indicating that they were Canadian. However, other meats in the case did not have any country-identifying information. Article content Article content There were packages of beef marked 'Canadian Beef,' with stickers saying, 'Pick the Beef with the Leaf,' and clearly displaying a black Canadian flag with 'Canada' written in the centre on each individual package. Article content Article content However, there was also beef that was unmarked. For example, a section filled with stewing beef, striploins and eye round marinating steaks with and without 'Canadian Pepper Seasoning' did not bear the same Canadian symbol on the individual packages. Article content Article content Article content The Loblaws butcher did, however, point to price tags above one bin of meats that had Canadian flags on it. These, he told me, were brought in as part of the 'Buy Canadian' movement against U.S. President Donald Trump's tariffs. But these weren't everywhere in the store. In this location, they were above some vacuum-sealed, pre-seasoned pork products. Article content Article content Article content Grading requirements aside, I needed to determine whether the butchers were correct about Canadians not being able to tell if their meat is not Canadian. Article content I contacted Metro, Loblaws and the CFIA to ask why, as per the butchers I spoke with, there appears to be a lack of clarity around the labelling of meats from foreign countries, despite the rules posted on the food agency's website. Article content I asked Stephanie Bonk, communications manager for Metro, if the butchers were correct in saying that beyond marked boxes out back, consumers in the store would not be able to know if their meat was Canadian. Bonk said that Metro follows Ontario rules, which do not require country of origin labelling. Article content When I asked about store inspection, Bonk said that, 'To ensure compliance with federal and provincial requirements, the stores could be inspected by CFIA and/or' the Ontario Ministry of Agriculture, Food and Agribusiness. Article content She explained that, 'There is no requirement for country of origin on retail meat cuts that are cut and packaged at store level. This would include ground meats, stewing meat, kabobs, stir fry meat, etc.'
Reuters
2 days ago
- Business
- Reuters
UK's Cranswick reports higher first quarter revenue
July 28 (Reuters) - British meat producer Cranswick (CWK.L), opens new tab reported 9.7% growth in first-quarter revenue on Monday, supported by resilient consumer demand for pork and poultry products, as well as its diversification into pet food supporting growth amid economic headwinds.
