Kraft Foods Q1 profit falls 16% to US$429m

London

KRAFT Foods Group Inc, which is merging with ketchup maker HJ Heinz Co, on Tuesday reported profit that topped analyst estimates, driven by reduced advertising spending and overhead.

But the company missed revenue expectations amid sluggish demand for its meals and desserts. Kraft, whose brands include Velveeta and Oscar Mayer, is struggling to grow a…