Kraft Foods has reported a 12.5% rise in Q1 2014 net earnings to $513m, compared to $456m in the same quarter a year ago.
Net revenues also increased by 3.3% to $4.36bn from $4.51bn in the first quarter to fiscal 2013.
In Canada, the company reported net revenues of $427m, down from last year primarily due to a combination of an unfavorable currency impact, comparisons with Easter-related shipments in the prior year and retail customer inventory reductions versus year-end levels.
The company's Foodservice business has also witnessed net revenues of $437m million, slightly lower than the prior year as the exit of certain product lines led to lower volumes.
Kraft CEO Tony Vernon said that the company continued to make steady progress during the first quarter of this year.
"We still have more work to do, but we're confident that our focus on brand renovation, marketing excellence and total cost management will drive the profitable growth that both we and our shareholders expect," Vernon noted.
