Kraft Heinz looks to ‘unlock’ marketing efficiencies after sales slip
The company ramped up investment in marketing amid ongoing cautious consumer spending during the second quarter, which saw sales decline 3.6%.
Kraft Heinz has outlined plans to “drive value in a sustainable way” through marketing, innovation and renovation, after posting lower-than-expected sales for the second quarter of 2024.
In a call with investors today (31 July), CEO Carlos Abrams-Rivera attributed “cautious” consumer sentiment to the 3.6% decline in sales. However, he reassured investors the company would be continuing to “unlock efficiencies” that allow it to make accretive investments in its brands, grow profits and drive future sales growth.
“As we enter the second half of 2024, many drivers are giving us optimism for improved top-line trends,” Abrams-Rivera said in an accompanying statement, which indicates a 62% decrease in operating income compared with the previous year.
“We are anticipating a continued ramp up of both innovation and renovation, particularly in North America Retail, and we are increasing our marketing investment to continue to drive brand superiority across our portfolio.”
