Reports also said that the company is also benefiting from price increases. Kraft said that it has raised its prices 7 percent on average.
The company has increased its marketing and is promoting products such as Oscar Meyer deli meats and DiGiorno pizzas to promote convenience and value, CEO Irene Rosenfeld has said.
Kraft reported a second-quarter profit increase of almost 4 percent in the April-June period on Monday, reportedly saying higher prices helped offset rising costs.
Profit rose to $732 million, up from $707 million the previous year.
A weak dollar and gains from an acquisition helped sales jump about 21 percent to $11.2 billion, reportedly beating expectations of $10.7 billion. But price increases accounted for more than 7 percent of the revenue gain.
Source: Associated Press
