Kraft Foods Group Inc (KRFT) said on Wednesday that its second quarter net income fell to $482 million, or 80 cents per share, from $829 million, or $1.38 per share, a year ago, when the company benefited from a significant gain tied to its post-employment benefit plans.
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"We continue to execute our playbook and are on track to deliver another solid year of growth in earnings and cash flow," Kraft Chief Executive Tony Vernon said in a statement.
"However, there's no question that economic and consumer trends are creating top-line growth challenges for the food and beverage industry, Kraft included," he said.
(Reporting by Anjali Athavaley)