Cadbury Dairy Milk sales rescue modest Mondelez results
Record sales of Cadbury Dairy Milk provided a bright spot in an otherwise modest set of results by Kraft spin-off Mondelez International yesterday, which found itself mired down in Europe like many US companies by the impact of the strong dollar.
Mondelez reported net revenues in Europe were down by 8.1%, including a negative 8.8 percentage point impact from the weak Euro but organic revenues were up by 0.7%.
The company’s power brands were outperforming its overall results though, with record sales of Cadbury Dairy Milk and strong performances for Oreo and the new Belvita breakfast biscuit.
Mondelez International Inc’s overall third-quarter earnings were down nearly 30%, heavily hit by costs of the reorganisation.
“As we expected, our top-line growth this quarter was modest,” said Irene Rosenfeld, Chairman and CEO. “This reflected the lapping of our exceptional performance in the third quarter last year and a lower contribution from pricing.”