Kraft Heinz delays the announcement of long-term turnaround plan


Kraft and Heinz products

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Kraft Heinz said Thursday it would be pushing back the unveiling of its turnaround plan from March to May.

The announcement came as the company saw its sales decline in the fourth quarter, despite higher prices. Net sales fell 5.1% to $6.54 billion, missing Wall Street’s estimates of $6.61 billion.

Kraft also disclosed impairment charges of $666 million, including writing down the value of its Maxwell House trademark by $213 million. The Oscar Mayer owner had put the coffee brand up for sale last year, people familiar with the matter told CNBC.

The company’s stock, which has market value of $33.7 billion, fell 8% in morning trading on…

Source cnbc.com

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