The following is a summary of the The Kraft Heinz Company (KHC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kraft Heinz aims to generate $2 billion incremental net sales from innovation despite a slowdown in North America retail.

• They've reported a negative impact from commodity inflation, especially in categories like cheese, meat, and coffee.

• The unplanned shutdown of plant maintenance in Q2 for the Away From Home business will have a temporary topline impact estimated between 50-100 bps to total company growth.

• A 4% overall decline was reported in the quarter for their BALANCE portfolio, however, gross profit dollars grew by 5%.

• Impacts on the Q2 due to plant shutdowns are expected, with projections of 50 to 100 basis point expansion, which is not expected to impact H2.

Business Progress:

• The company was named one of the world's Top 50 Most Innovative Companies by Fast Company.

• Expansion of offerings to consumers includes greater value through multipacks, plant-based options, and expanding choices in its iconic brands.

• Improvement in the Away From Home business is expected in Q3 with extensive portfolio renovation.

• Collaborations and partnerships with key retailers are planned for the imminent holiday season.

• The company has started deploying their brand growth system to improve marketing efforts and aims to bring in new innovations as a growth strategy.

• Kraft Heinz is targeting brand renovation to protect profitability and drive growth. Brands set for improvement include the Oscar Mayer, and beverage business brands like MiO and Crystal Light.

• Growth improvement is expected across emerging markets, North America Retail, and Away From Home segment, with a strategy to navigate impacts from plant shutdowns in Q2.

More details: The Kraft Heinz IR

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