Kraft’s 3Q profit up 7.3 pct, but revenue down because of impact from spinoff

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FILE - In this Thursday, April 25, 2013, file photo, Kraft products are displayed on a shelf in Berlin, Vt .Kraft Foods Group Inc. reports quarterly financial results after the market closes on Wednesday, Oct. 30, 2013. (AP Photo/Toby Talbot, File)

NEW YORK, N.Y. – Kraft Foods Group Inc. says its net income rose 7.3 per cent in the third quarter but revenue declined, mainly because of moves related to its split from Mondelez International a year ago.

Kraft says it earned $500 million, or 83 cents per share, for the three months that ended Sept. 28. That compares with $466 million, or 79 cents per share, a year ago.

Revenue declined 4.2 per cent to $4.39 billion. Last year, Kraft shipped stock to retailers early as a precaution ahead of a systems changeover as part of its spinoff from Mondelez. So it booked more revenue that quarter than it otherwise would have.

Kraft, based in Northfield, Ill., says it’s focusing on big innovations and refreshing older brands such as Grey Poupon and Kool-Aid.

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