Ironically, Buffett's favorite: Kraft, Heinz disappointed with sales fall

"2019 was a very difficult year for Kraft, Heinz," said CEO Miguel Patricio commented. Sales in the last quarter of 2019 have fallen by 5.1% to 6,54 billion d

Ironically, Buffett's favorite: Kraft, Heinz disappointed with sales fall

"2019 was a very difficult year for Kraft, Heinz," said CEO Miguel Patricio commented. Sales in the last quarter of 2019 have fallen by 5.1% to 6,54 billion dollars.

ensure that the food deserved group even less than expected. Analysts had expected revenue of 6.62 billion dollars, which would already mean a loss of 3.94 per cent compared to the previous year quarter.

The force-Heinz share price crashed in the first hours of trading deep into the red: The papers listed on the last nearly nine percent in the Minus. The shares have fallen over the past twelve months by around 42 percent. Force Heinz co., The 25,59 EUR -2,02 (-7,30%) Tradegate

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2020 is the year of stabilization

Besides, the force also announced impairment losses in the amount of 666 million US dollars, including a reduction in value of the brand Maxwell House to 213 million US dollars, as Bloomberg reported.

According to managing Director Patricio 2020 to be a year of stabilization for the power of Heinz. The strategic Turnaround Plan for the current year will be made known to the company to the investors ' conference in may. "I know that many of you have been expecting a March date to a may date for the unveiling of our strategy.", so Patricio commented during a conference call on Thursday.

For a stock market legend Warren Buffett, the Numbers are a debacle. With good 26.7% Buffett's investment holding Berkshire Hathaway, the largest shareholder of the food group. Particularly happy Buffett with his Investment anyway. Already last February, the Reuters news Agency, said Buffett, that he had paid too much for the shares. At that time, he reiterated, but also to want to be in the group to remain invested.

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Updated Date: 13 February 2020, 19:00

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