Mondelēz Posts 2.1% Revenue Increase In Third Quarter
Confectionery giant Mondelēz International has recorded revenues of $6,530 million in the third quarter of the year, representing growth of 2.1%, compared to the same period in 2016.
The company's 'power brands', which include Oreo, Cadbury and Milka, recorded a 5.6% increase in sales during the quarter, reaching $4,771 million.
Mondelēz saw revenue growth in key regions, such as Latin America (+4.6%), Europe (+4.7%) and North America (+1.3%), however, revenue in Asia, Middle East & Africa declined by 2.6%.
"We're pleased with our improving revenue growth, driven by the strength of our power brands, continued momentum in emerging markets and Europe," said Irene Rosenfeld, Mondelēz's chairman and CEO.
"We posted another quarter of strong expansion in operating income margin and earnings. We're making good progress on many of our key strategic initiatives and remain confident in our ability to deliver long-term, sustainable growth on both the top and bottom lines," Rosenfeld continued.
Mondelēz says that it anticipates organic net revenue for the 2017 financial year to be approximately 1%, given the 'larger-than-expected impact' from the cyberattack that hit the company in June.
The company expects adjusted operating income margin in the mid-16% range, and double-digit adjusted earnings per share growth on a constant-currency basis.
This quarter will also see a number of significant senior-management changes at Mondelēz.
Last week, the company announced that Glen Walter will join the company in November, as executive vice-president and president for North America.
Meanwhile, Dirk Van de Put, former president and CEO of McCain Foods, is set to succeed Rosenfeld as the company's chief executive next month.
Long-time CEO Rosenfeld will continue as chairman of the board until 31 March 2018, at which time she will retire and Van de Put will assume the role of chairman and CEO.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.