Kraft beats results forecasts

Kraft Foods reported a better-than-expected first-quarter profit yesterday, helped by price increases and cost cuts, but it tempered its full-year outlook after losing the contract to sell Starbucks coffee in US grocery stores. The maker of Cadbury chocolate, Oreo cookies and Philadelphia cream cheese said net revenue rose 11 per cent to $12.6bn (£7.7bn), though net profit fell by more than half to $802m due to an asset sale boosting last year’s figures.