Kraft has revealed its 3rd quarter results,  its net revenues declined 5.7 per cent to $9.8bn during the third quarter against the same period last year, reflecting both sluggish demand in the US and Europe and Kraft’s decision to discontinue some of its less profitable businesses. Revenues were also hit by the impact of the stronger dollar on revenues from its overseas businesses. The quarterly results mark Kraft’s fourth consecutive quarterly revenue miss.

Only two of its business units reported positive net revenue growth: its US beverages business, which includes its Capri Sun drinks brand, and which saw a 1.5 per cent increase; and its US convenient meals unit, which has benefited from budget-focused consumers eating more meals at home, with revenues up 5 per cent.

Irene Rosenfeld, CEO, said the company had continued “to build our operating and financial momentum despite the difficult consumer environment” during the quarter. She commented; “We will continue to do pruning because we believe it was the right thing to do for the business, but we had some very significant house-cleaning to do,” 

Regarding the company’s likely offer for Cadbury Ms Rosenfeld repeated her position as such:  “we remain interested but will maintain a disciplined approach."

for more details see Reuters and Financial Times