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Kraft Heinz's Sales, Profit Drop in First Quarter After Deal

Kraft Heinz Co. reported a drop in sales and profit for its first quarter since the food giant was created in a merger orchestrated by billionaire Warren Buffett and 3G Capital.

Third-quarter revenue fell 9 percent to $6.36 billion when measured to include comparable results from a year earlier, the company said Thursday in a statement. Excluding some items, profit was 44 cents a share in the period, down 4.3 percent.

Kraft Heinz, the third-largest food and beverage maker in North America, is struggling with shrinking demand for packaged foods, underscoring the need to reduce costs. The company has said it will cut $1.5 billion in annual expenses by the end of 2017.

The company is “driving greater accountability, discipline and efficiency,” Chief Executive Officer Bernardo Hees said in the statement.

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