Kraft Heinz earnings hit by $3bn writedown

📆 31.07.2020 09:54:00
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While Kraft Heinz's retail sales rose, the lockdown took its toll on its US and Canadian food service businesses

Bottles of Heinz tomato sauce made by US food company Kraft Heinz. Picture: REUTERS/ARND WIEGMANN

Higher employee bonuses, foreign exchange fluctuations and climbing commodity costs — particularly the price of cheese — are expected to soften second-half results, Kraft Heinz said. , which provide tomato sauce, mayonnaise and other products to restaurants, offices and school cafeterias. These units were included in a nearly $1.8bn writedown taken during the quarter.

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