April 30th, 2008 by Food News

Food and drinks maker Kraft Foods Inc. says its first-quarter profit fell 13 percent, compared with the 2007 quarter which included a one-time benefit related to the Altria spinoff.

The Northfield, Ill.-based company said Wednesday it earned $608 million, or 40 cents per share, on sales of $10.37 billion. That compares with a profit of $702 million, or 43 cents per share, on revenue of $8.59 billion in the year-ago period.

Excluding special items, earnings in the January-March quarter were 44 cents per share. Read more