Food Business News - February 18, 2020 - 8

WIKIPEDIA
PITTSBURGH - Kraft Heinz Co. management
made progress turning the business
around in 2019 and sees 2020 as a year
of stabilization. Plans to achieve its goals
include revamping its innovation processes, improving customer satisfaction and
reducing employee turnover.
Chief executive officer Miguel Patricio has shifted the company's innovation
strategy to a focus on fewer, bigger and
bolder initiatives.
"Our 2020 plans now call for 50%
fewer projects, a significant shift from
line extensions to expansionary launches, mainly behind existing brands," he
said Feb. 13 during a conference call with
analysts to discuss the company's fiscal
2019 earnings.
While the number of product development projects are forecast to be cut in
half, management sees "innovation net
sales" rising 1% during the year when
compared with 2019. Eighty-six per cent
of those sales will come from existing
brands, and 48% of the projects will focus
on category expansion, 38% will include
line extensions and 14% will focus on
disruption, according to the company.
"We are going to cut everything that
is not accretive, that is cannibalistic," Mr.
Patricio said. "That thing by itself helps a
lot with complexity, helps with our customer relationship, helps with us focusing
on what really matters and putting our
energy and our budget behind innovation
that moves the needle."
The company also will accelerate
its stock-keeping unit (s.k.u.) reduction
efforts that will bring the company's

8

Food Business News

product portfolio below fiscal 2016 levels,
said Pablo Luiz Araujo Basilio, global chief
financial officer.
"In 2020, we foresee better product
mix through focused investments and
rationalizing underperforming s.k.u.s
to remove complexity from our supply
chain," he said. "In fact, 2019 was the first

Kraft Heinz
share price
per share
$50
$40
$30
$20

March
2019

May

July

Sept.

Nov.

Jan.
2020

Source: Yahoo! Finance

year our U.S. zone reduced its total s.k.u.
count since the Kraft Heinz merger."
Steps taken to improve employee
satisfaction and reduce turnover include
improving employee engagement, creating key performance indicators (K.P.I.s) for
every member of the company's management team, making total company K.P.I.s
more weighted toward profitable growth
and setting targets that are better aligned
cross functionally.
"We've taken the time to reflect and reassess the root causes of performance shortfalls, employee satisfaction and, ultimately,

A new innovation plan
calls for a significant shift
from line extensions to
expansionary launches.

KRAFT HEINZ

After tough years, Kraft Heinz
seeks stability in 2020

turnover with causes ranging from lack of
strategic direction to training, to roles and
accountabilities," Mr. Patricio said.
In terms of customer service, Mr.
Patricio said Kraft Heinz is in the third
quartile of its peers in terms of customer
satisfaction and it is his intention the
company will move up.
"... We understand what needs to be
done and are taking action to improve in
areas like customer planning and in-store
execution," he said.
For 2019, ended Dec. 28, Kraft Heinz
net income totaled $1,935 million, equal
to $1.59 per share on the common stock.
During 2018, the company recorded a loss
of $10,912 million as it took significant
write downs against the value of its Kraft
and Oscar Mayer brands.
Sales for the year fell to $24,977
million in fiscal 2019 from $26,268 million
the year prior.
"Twenty-nineteen was a very difficult
year for Kraft Heinz," Mr. Patricio said.
"We closed the year with a much firmer
handle on the business. Numbers-wise,
while organic net sales were down slightly,
more on a sequential basis, the key drivers
were as we anticipated, with consumption,
share trends and shipments in the United
States, Canada and E.M.E.A. in line with
our expectations."
The company did not provide an outlook for fiscal 2020 but did highlight several headwinds that will affect profitability. Kraft Heinz's adjusted EBITDA in 2019
was $6,064 million. Items seen affecting
EBITDA in fiscal 2020 include divestitures
that will result in a $110 million reduction
in EBITDA, supply chain cost inflation
($150 million) and unfavorable currency
translation ($60 million).
"This totals approximately $460 million relative to 2019 EBITDA," Mr. Basilio
said. "Of that total, approximately $310
million of impact should be realized in the
first half of the year and result in a roughly
49% first-half, 51% second-half split to
EBITDA for the year.
"Beyond these factors, we expect to
stabilize and align profitability and maintain industry-leading margins as we find
efficiencies to reinvest behind our brands,
improve capabilities and rebuild business
momentum." FBN
February 18, 2020



Food Business News - February 18, 2020

Table of Contents for the Digital Edition of Food Business News - February 18, 2020

Food Business News - February 18, 2020
Market Insight - Sugar supply trimmed as projected imports drop from January
Contents
From the Editor - Recognizing the food sector's gender diversity challenge
News
Washington - Proposed rule on school meal nutrition standards draws both fire and approval
Ingredient Trends - Health becoming integral to condiment innovation
Ingredient Applications - Keeping clean while staying fresh
Beverage Business News - Fueling beverage innovation
New Food Insider
Ingredient Market Trends: In the Spotlight - U.S.D.A. lowers wheat and soybean carryover forecasts, leaves corn unchanged
Ingredient Markets
Supplier Innovations and News
Classifieds
Ad Index
Food Business in the News
Food Business News - February 18, 2020 - Market Insight - Sugar supply trimmed as projected imports drop from January
Food Business News - February 18, 2020 - Market Insight - Sugar supply trimmed as projected imports drop from January
Food Business News - February 18, 2020 - 2
Food Business News - February 18, 2020 - 3
Food Business News - February 18, 2020 - Contents
Food Business News - February 18, 2020 - 5
Food Business News - February 18, 2020 - 6
Food Business News - February 18, 2020 - From the Editor - Recognizing the food sector's gender diversity challenge
Food Business News - February 18, 2020 - News
Food Business News - February 18, 2020 - 9
Food Business News - February 18, 2020 - 10
Food Business News - February 18, 2020 - 11
Food Business News - February 18, 2020 - 12
Food Business News - February 18, 2020 - 13
Food Business News - February 18, 2020 - 14
Food Business News - February 18, 2020 - 15
Food Business News - February 18, 2020 - 16
Food Business News - February 18, 2020 - 17
Food Business News - February 18, 2020 - 18
Food Business News - February 18, 2020 - 19
Food Business News - February 18, 2020 - 20
Food Business News - February 18, 2020 - 21
Food Business News - February 18, 2020 - 22
Food Business News - February 18, 2020 - 23
Food Business News - February 18, 2020 - Washington - Proposed rule on school meal nutrition standards draws both fire and approval
Food Business News - February 18, 2020 - 25
Food Business News - February 18, 2020 - 26
Food Business News - February 18, 2020 - 27
Food Business News - February 18, 2020 - Ingredient Trends - Health becoming integral to condiment innovation
Food Business News - February 18, 2020 - 29
Food Business News - February 18, 2020 - Ingredient Applications - Keeping clean while staying fresh
Food Business News - February 18, 2020 - 31
Food Business News - February 18, 2020 - 32
Food Business News - February 18, 2020 - 33
Food Business News - February 18, 2020 - 34
Food Business News - February 18, 2020 - 35
Food Business News - February 18, 2020 - Beverage Business News - Fueling beverage innovation
Food Business News - February 18, 2020 - 37
Food Business News - February 18, 2020 - 38
Food Business News - February 18, 2020 - 39
Food Business News - February 18, 2020 - 40
Food Business News - February 18, 2020 - 41
Food Business News - February 18, 2020 - New Food Insider
Food Business News - February 18, 2020 - 43
Food Business News - February 18, 2020 - 44
Food Business News - February 18, 2020 - Ingredient Market Trends: In the Spotlight - U.S.D.A. lowers wheat and soybean carryover forecasts, leaves corn unchanged
Food Business News - February 18, 2020 - Ingredient Markets
Food Business News - February 18, 2020 - 47
Food Business News - February 18, 2020 - 48
Food Business News - February 18, 2020 - 49
Food Business News - February 18, 2020 - 50
Food Business News - February 18, 2020 - 51
Food Business News - February 18, 2020 - 52
Food Business News - February 18, 2020 - 53
Food Business News - February 18, 2020 - 54
Food Business News - February 18, 2020 - 55
Food Business News - February 18, 2020 - Supplier Innovations and News
Food Business News - February 18, 2020 - 57
Food Business News - February 18, 2020 - Classifieds
Food Business News - February 18, 2020 - 59
Food Business News - February 18, 2020 - 60
Food Business News - February 18, 2020 - Ad Index
Food Business News - February 18, 2020 - Food Business in the News
Food Business News - February 18, 2020 - 63
Food Business News - February 18, 2020 - 64
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