The Kraft Heinz Company saw its net income rise 37.5% for the first quarter of fiscal year 2022, despite a 5.5% decrease in net sales. Both comparisons are on a year-over-year basis.
The quarter ended on March 26, while the company released the results of the quarter on April 27.
During the most recent quarter Kraft Heinz saw its net income leap to $781 million from the $568 million recorded one year ago.
The company’s net sales declined from $6.4 billion to $6.0 billion. Net sales for the United States dropped 8.5%, while net sales for Canada dropped 1.5%. However, the company’s international division saw a net sales increase of 3.6%.
"Our first quarter was a strong start to the year and yet another period where our team rose to mitigate new and different macro environment challenges," said Kraft Heinz CEO Miguel Patricio, who was recently appointed to also serve as the chairman of the Kraft Heinz board. "We continue to build critical capabilities, greater corporate agility, and additional financial flexibility to address short-term turmoil while building our long-term advantage. We still have work to do, more opportunity ahead, and we remain confident in our ability to deliver our plan for the year as well as our long-term growth strategy."
Kraft Heinz earlier announced its intent to combine its U.S. and Canada businesses to create the North America Zone, which is expected to be effective in the second fiscal quarter of 2022. The move is meant to advance the global food and beverage leader’s long-term, sustainable growth plans by bringing increased agility to its innovation agenda, operations, and go-to-market approach.
Kraft Heinz, a diversified international food company, is the sixth largest turkey producer in the United States, according to the WATTPoultry.com Top Companies survey, having slaughtered 308 million pounds of turkeys during the past year.