Various Heinz sauces of U.S. food company Kraft Heinz are offered at a supermarket of Swiss retail group Coop in Zumikon, Switzerland December 13, 2016. REUTERS/Arnd Wiegmann
(Reuters) – Kraft Heinz Co will restate its financial statements for the years 2016 and 2017 to fix accounting errors that resulted from misconduct of several employees of the packaged food company’s procurement area, the company revealed in a filing on Monday.
The misstatements mainly relates to incorrect timing of when certain costs and rebates were recognized initially, the company said.
The company said it will not be able to timely file its quarterly report for the period ended March 30, 2019.
“Misstatements were also not quantitatively material to any quarter,” Kraft said.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber