Kraft Heinz sales drop as inflation-battered consumers pull back on pricey packaged foods

Kraft Heinz shares fell 4% on Wednesday after the company revealed its sales dropped in the most recent quarter as stiff prices crushed demand for its supermarket staples. The packaged food giant – which owns Kraft Mac & Cheese, Heinz Tomato Ketchup, Kool Aid and Jell-O – said third-quarter net sales dropped 2.8% to $6.38 billion, below Wall Street's forecast of $6.42 billion. Kraft Heinz blamed the "unfavorable" sales on persistent "economic uncertainty" as consumers scrimp and save. 3 Kraft Heinz shares f ...