Despite a 3.1 percent decline in net sales during the first quarter of fiscal year 2017, Kraft Heinz kept its net income mostly steady when compared to the same period of the 2016 fiscal year.
Kraft Heinz, parent company of Oscar Mayer and Lunchables, recorded a net income of $893 million for the most recent quarter, only a slight decrease when compared to a net income of $896 million one year ago. The company reported net sales of about $6.4 billion, down from approximately $6.6 billion one year ago.
"Although our top line results in the first quarter reflect a slow start to the year, we remain on track with our key initiatives," said
The quarter ended on April 1.
The Kraft Heinz Company officially formed In July 2015, Kraft Foods shareholders approved the sale of the company to the H.J. Heinz Company.
Kraft Heinz is the fifth-largest food and beverage company in the world. In addition to that, it is the eighth largest turkey company in the United States, according to WATT PoultryUSA rankings.