Kraft Heinz said on Wednesday it would hit pause on further price hikes for its quick-fix meals and condiments, as consumers turn increasingly sensitive to persistently high inflation.
"With the vast majority of 2023 price increases already implemented in stores, pricing will be less of a tailwind throughout the year," Edward Jones analyst Brittany Quatrochi said.
"This means driving increases in the number of products sold through innovation and adding value to consumers will be increasingly important to sales growth," she added. Kraft projected annual adjusted earnings of between $2.67 and $2.75 per share, below analysts' estimate of $2.77, as it expects shoppers to become more price-sensitive by the end of the year.
It said average selling prices rose 15.2 percentage points in the fourth quarter, while sales volumes declined 4.8 percentage points.Reporting by Deborah Sophia and Mehr Bedi in Bengaluru; Editing by Milla Nissi
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