KHCKraft HeinzFY2025
Price held the line while four points of volume and mix walked out. The squeezed middle, in one company.
PRICE +0.7 ▲VOL/MIX -4.1 ▼
Saturday, 13 June 2026
The Consumer Daily
Commercial intelligence for consumer goods
The Lead
Cover story · Revenue & Margin · Trade13 Jun 2026
The Squeezed Middle
Shoppers are trading down and up at the same time, and the bill lands on the brands in the middle of the shelf. We name exactly who is paying for it.
Chart of the Week
The middle gives way
Private label, unit share across Europe's six biggest grocery markets, the rise to a record 50% in 2026.
Private label unit share in Europe's six biggest markets, a record 50% in 2026, up about 3 points since 2021 · Circana · Fig.01
From the Desk
BKBulent KotanWrites this from the same meetings you sit in
Half the units in Europe now ring up as own label, and the shoppers who left did not all trade down. Plenty traded up. The brand built for the average basket is the one with nowhere to stand.
This week the desk hands you what to actually do before the next range review.
Reply to this issue. A human answers.→Signals
The price, volume and mix story behind the headlines, in plain language.
KHCKraft HeinzFY2025
A 9.3 billion dollar write-down is the board conceding the portfolio is worth less than it believed.
ORGANIC -3.4% ▼IMPAIR $9.3B
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- 50%Private label has reached half of grocery units in Europe's six biggest marketsCircana
- -4.1 ptsKraft Heinz volume and mix, partly offset by pricing of +0.7 ptsKraft Heinz, FY2025 results
- $282.8BUS private label sales reached a record in 2025PLMA · Circana
- 23.2%Discounter share of European grocery, up about 2.6 points since 2019McKinsey, State of Grocery Retail Europe 2025
- 70%of new Western European food launches are private labelNielsenIQ
- 800new stores and conversions in Aldi's US build-out by 2028Aldi
Signals
The price, volume and mix story behind every consumer goods name, in plain language.
▶The read, not the raw. What a result means for price, volume and mix, in one line you can use.
▶Sourced to the paragraph. Every figure traces to the document it came from, so you can stand behind it.
▶Ready before your meeting. Walk in knowing what moved, and what to do about it.
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Kraft Heinz Co.
Organic Net Sales down 3.4 percent
Organic Net Sales decreased 3.4 percent, with volume and mix down 4.1 percentage points, partly offset by pricing up 0.7 percentage points. The company recorded a non-cash impairment of 9.3 billion dollars on goodwill and intangible assets.
↳The shopper voted with the trolley. Four points of volume and mix gone in a year is a lasting shift, not a soft quarter.
↳Price is doing all the lifting it politely can. Plus 0.7 points over a shrinking base has a floor, and the floor is close.
↳The write-down is the tell. 9.3 billion off goodwill says the portfolio is worth less than the board believed.
Price ▲ +0.7 ptsVolume + mix ▼ 4.1 ptsOrganic ▼ 3.4%Impairment $9.3B
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The most useful commercial conversations are never about the news itself. They are about what one move means for your price, your shelf and your margin. That is the whole brief: read what moves your number, and tell you, plainly, what I would do on Monday.
From the deskBulent Kotan · Editor