Kraft Q4 net income up 54%
American food company Kraft Foods reported that its net income increased 54% to $830m for the fourth quarter ended 31 December, compared to $540m during the same period the previous year, due to cost management and focused investments in major brands.
Net revenues totaled $14.69bn, up 7% from $13.77bn in the earlier year. On an organic basis, net revenues increased 6.1%.
Organic sales grew 7% in North America and also increased 3.1% in Europe.
For the full year 2011, net revenues increased 10.5% to $54.4bn. Organic net revenues increased 6.6% due to strong growth across all geographies.
Kraft Foods chairman and CEO Irene Rosenfeld said the company delivered terrific results in 2011, and the businesses are healthier than ever due to the disciplined execution of the company's strategy.
"We expect to deliver top-tier growth in 2012, in line with our long-term targets, while we prepare to successfully launch the North American grocery and global snacks companies later this year," Rosenfeld added.
Kraft Foods is in the process of splitting into two publicly traded companies later this year. The spinoff will create a global-snacks company and a business focused on North American grocery products.
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