Revenues are up at Kraft but the US based company has seen a 30% profit slump and is pointing the finger at Cadbury.
A financial news release posted yesterday by the food giant claimed 2010 had been a "solid year" and was finished with "good momentum".
But the cost of integrating Cadbury, controversially taken acquired over a year ago is said to have caused a 26% impact on the company's operating income.
Irene Rosenfeld, Chairman and CEO, commented, “Looking ahead, we expect the operating environment to remain challenging, with significant input cost inflation and persistent consumer weakness in many markets. Given our strong business fundamentals, however, we remain confident that we will deliver earnings growth in 2011 that’s both ahead of our long-term targets and within the top tier of our peer group.”
The news release also reported single digit growth for sales of its chocolate products in Europe with Toblerone and Milka highlighted as the star growers in its range.
