Kraft slims down -- preparing for the single life

Kraft is selling off a significant number of its brands -- Milk Bone, Life Savers, Altoids recently -- apparently in preparation for being spun off by parent Altria.

The plan apparently is to shed about 5% of sales ($34b), and to concentrate on coffee, cheese, cookies, and crackers, and also to strengthen European operations.

Kraft's first-quarter revenue rose less than 1 percent, to $8.12 billion, as sales in Europe slid 9.1 percent amid stiffer competition from retailers' own brands.

"We are convinced we can perform better in Europe," Deromedi said. "In any market, but particularly in Europe, you need to be investing in your brands and in innovation."