Major consumer companies including Kraft Heinz Co and Conagra Brands Inc are culling product lines to combat sky-high costs and falling consumer demand, their executives said this week. | Reuters
“No one will have a perfect batting average,” said chief executive Sean Connolly in an interview. “The key is to have more winners than losers.”
Martin Renaud, a top marketing executive at Mondelez, told Reuters the chocolate manufacturer has “too many flavors.” “It’s more expensive to make a lower-volume product,” Cook said. “If it’s not a high-performing item that people absolutely have to have, companies feel it’s harder to raise price.”Nestle said cutting products saved 1 billion Swiss francs last year , while Unilever said the practice saved $2 billion.
Kellogg Co ditched its line of Special K protein shakes and Nestle axed Lean Cuisine paninis, frozen Sweet Earth Benevolent Bacon and Sweet Earth Vegan Hot Dogs, spokespeople for the companies confirmed.In some cases, suppliers are bowing to retailer plans to reduce inventory, hoping that cutting product lines will make stores more efficient and less costly to run and stock.
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