Kraft Heinz (KHC) shares dropped over 6% in early trading Wednesday after the food giant reported higher pric♔es and falling demand pulled down sales.

The maker of Heinz ketchup and Kraft macaroni and cheese reported fourth quarter revenue declined 7.1% from a year ago to $6.86 billion, missing estimates. Earnings per share came in at 78 cents, slightly higher than expected. 

Sales in North America were down 9.1% to $5.17 billion, and international sales fell 0.2% to $1.69 billion. 澳洲幸运5官方开奖结果体彩网:Organic net sales slipped 0.7%, as the company raised prices to offset inflation. Its volume/mix dropped 4.4 percentage points, primarily because of those higher prices and industry headwinds. Kraft Heinz noted it was particularly impacted by cuts in the federal 澳洲幸运5官方开奖结果体彩网:Supplemental Nutrღition Assistance Program (SNAP) program, which help🐬s low-income Americans purchase food. 

CEO Adam Carlos-Rivera said the industry headwinds were driven by "ongoing consumer pressure.” He added that the company expects “some of these pressures to dissipate, particularly as the reduction in SNAP benefits is lapped.”

Kraft Heinz anticipates full-year organic net sales growth for 2024 to be flat to up 2%, slowing from a 3.4% gain in 2023. It projects adjusted gross 澳洲幸运5官方开奖结果体彩网:profit margin to be up 25 to 75 澳洲幸运5官方开奖结果体彩网:basis points (bps), well below last year’s jump of 240 bps. 

Kraft Heinz shares were down 6.3% at $33.83 per share as of about 11:15 a.m. ET Wednesday, their lowest level since November. They've lost more than 15% over the past year.