KHC - Why Kraft Heinz Stock Fell 9% in 2023
2024-01-15 05:45:00 ET
Kraft Heinz (NASDAQ: KHC) stock underperformed the market last year, declining 9% in 2023 compared to a 24% rally in the S&P 500 . That slump wasn't unusual for the consumer-packaged foods industry, though. Peers including PepsiCo and McCormick also sat out of the wider market's rally as Wall Street turned its attention back toward high-growth tech stocks.
Kraft Heinz shares were pressured by stubborn growth challenges and a weakening sales outlook for the 2023 fiscal year.
Kraft Heinz raised its earnings outlook at the company's last quarterly update in early November. But that good news was outweighed by concerns around sales trends. The company reported just a 2% organic sales uptick for the period that ran through late September.
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Why Kraft Heinz Stock Fell 9% in 2023