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.

"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)