Kraft Foods Inc. reported growth in the second quarter Monday, as consumers, undeterred by price increases, abandon restaurants for less costly meals at home and the company benefits from its restructuring plan.
The nation's largest food and beverage maker is also benefiting from price increases. It said it has raised its prices, on average, 7 percent in the most recent quarter.
While sales of Kraft's cheese line are down, sales of other products, such as Maxwell House coffee and Kool-Aid, are rising. So the company is boosting its profit outlook for the rest of the year.
With more consumers eating at home to save money, Kraft is increasing its marketing and playing up that products like Oscar Mayer deli meats and DiGiorno Pizza offer convenience and value, Chief Executive Irene Rosenfeld told The Associated Press.