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article imageKraft profit up on retiree benefit gain, cost savings

    Feb 13, 2014 in Business

(Reuters) - Kraft Foods Group Inc <KRFT.O> on Thursday reported higher profit, helped by cost savings and a large benefit related to former employees.

Kraft's stable of famous food brands includes Velveeta cheese, Jell-O desserts and Maxwell House coffee, said fourth-quarter net earnings rose to $931 million, or $1.54 per share, up from $90 million, or 15 cents per share, a year ago.

Net revenue grew 2.3 percent in to $4.6 billion, due to volume gains that were partly offset by lower prices.

Shares in Kraft closed at $53.61 and were virtually unchanged in after-hours trading.

Kraft, whose products also include Oscar Mayer lunch meats, Planters nuts and Capri Sun juices, lost its exposure to high-growth emerging markets after its 2012 split from Mondelez International Inc <MDLZ.O> and has been working to increase sales of its stable of mature brands.

(Reporting by Lisa Baertlein in Los Angeles)

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