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CHICAGO (AP) - Kraft Foods Inc. is continuing to shift to healthier snacks and other items as it tries to overcome a long stretch of disappointing results, Chief Executive Officer Roger Deromedi told a conference of food industry analysts Tuesday.
The nation's biggest food company, maker of Kraft cheese, Oreo cookies and DiGiorno pizza, has closed 19 plants, eliminated 5,500 jobs and sold businesses with revenues totaling over $1 billion in the last two years as part of an ongoing restructuring. But Wall Street is still awaiting stronger sales and profits.
Acknowledging that Kraft's financial performance is lagging and sales volumes remain flat, Deromedi cited a push to get consumers to trade up to premium brands and an increased focus on health and wellness as key elements of its recovery strategy.
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