Costco requiring all customers to wear masks
Costco is requiring all customers to wear face masks to prevent the spread of coronavirus. FOX Business’ Maria Bartiromo with more.
LONDON (Reuters) – U.S. food producer Kraft Heinz Co reported higher-than-expected quarterly sales and profit on Thursday, helped by coronavirus-related stockpiling.
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The maker of Heinz ketchup, Kraft Macaroni & Cheese and Oscar Mayer lunch meat said first-quarter sales were $6.16 billion, slightly ahead of analysts' average estimate of $6.14 billion, according to IBES data from Refinitiv. Excluding hits from currency fluctuations and divestitures, organic sales rose 6.2 percent, in line with a forecast the company gave earlier this month.
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It warned then that the full benefit from the incremental sales lift would not fall to the bottom line, due to costs related to meeting the higher demand.
About 6 to 7 percentage points of sales growth were due to increased consumer demand related to the COVID-19 pandemic, as shoppers stocked up on pantry staples.