NORTHFIELD, Ill.-Higher marketing costs and sales weakness in categories such as cookies and European chocolates, were blamed for a third-quarter earnings drop of 7% at Kraft Foods Inc.
Higher prices for commodities and increased marketing spending also contributed to the sinking profits for the nation's largest food and beverage company, and U.S. dairy industry's top cheese marketer. Kraft earned $810 million, or 47 cents per share, in the third quarter, down from $869 million, or 50 cents a share, a year earlier, a penny higher than analysts' expectations.
