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Kraft Heinz executives are confident they can manage anticipated inflation in the mid-single digit range across the portfolio this year by leveraging new product innovation and renovation, a quality over quantity approach to marketing and promotions, and ongoing cost savings initiatives, including SKU rationalization.
The company also may be better positioned than some for managing inflation because it has slowly increased pricing over the past year, which has contributed positively to its net sales in seven of the last eight quarters, US Zone President Carlos Abrams-Rivera told investors during the company’s first quarter call April 29.
“I feel good about our ability to deal with the inflation that we have and making sure we do this in a way that is positive for the company,” he said, noting much of it can be passed through to consumers.
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CPG giants reshape portfolios with significant divestitures, limited acquisitions The great SKU rationalization last Spring caused by pandemic-related supply chain constraints and consumer stockpiling not only forced CPG companies to pause production temporarily of some products, but it prompted many to reevaluate their product mix and overall portfolios long-term – triggering an industry-wide reshuffling of brands that could reset the scoreboard in the coming years.
Executives of several large CPG players at the Consumer Analysts Group of New York 2021 virtual conference this week noted they were
“reshaping” their company portfolios to better meet evolving consumer shopping habits and demands during and after the pandemic – a process that for many means shedding under-performing brands or those that no longer fit within new focus areas.
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