Earnings

Kraft Heinz delays the announcement of long-term turnaround plan

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Kraft and Heinz products

Scott Olson | Getty Images

Kraft Heinz said Thursday it would be pushing back the unveiling of its turnaround plan from March to May.

The announcement came as the company saw its sales decline in the fourth quarter, despite higher prices. Net sales fell 5.1% to $6.54 billion, missing Wall Street’s estimates of $6.61 billion.

Kraft also disclosed impairment charges of $666 million, including writing down the value of its Maxwell House trademark by $213 million.

People familiar with the matter told CNBC that the Oscar Mayer owner had put the coffee brand up for sale last year but encountered tepid interest from potential buyers. Private equity buyers were wary of the…



Source cnbc.com

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