The news: Kraft Heinz’s recovery is taking longer than expected, the company said, as it grapples with subdued demand from cost-sensitive customers.
By the numbers: Kraft Heinz’s revenues fell short of expectations in Q3—its sixth-straight quarter of sales misses—as price hikes and cost pressures exacerbated US consumers’ trade-down behaviors. The company’s Lunchables brand was also a liability, as concerns over its nutritional value and competition from MrBeast and Logan Paul caused sell-out to plunge by 15%.