Mondelēz International has reported an 18.1% increase in first-quarter net revenue to $9.17 billion, “driven by ongoing pricing execution to offset cost inflation and solid volume growth,” chairman and CEO Dirk Van de Put noted in a statement.
The owner of Cadbury and Oreo said that the Q1 rise was driven by organic net revenue growth of 19.4% and incremental sales from the company’s 2022 acquisitions of Clif Bar and Ricolino.
Mondelēz’s Asia, Middle East and Africa business delivered 3.9% growth in net revenue for Q1. The company’s Europe business witnessed a 12.7% growth in revenue.
In North America, Mondelēz saw 26.8% growth in net revenue for the first quarter. Meanwhile, the company’s Latin America business reported a 46.6% increase, the largest growth out of all Mondelēz’s regions.
Van de Put said: “We delivered a strong start to the year, with double-digit net revenue and profit dollar growth in our first quarter, as we continued to execute against our long-term strategy. These results were driven by ongoing pricing execution to offset cost inflation and solid volume growth.”
He continued: “We saw broad-based demand across both developed and emerging markets, as consumers around the world continue to prioritise our chocolate, biscuits and baked snacks categories and brands. We also continued to make significant progress against our portfolio reshaping initiatives, reducing our coffee equity stakes while driving strong top- and bottom-line synergies from recently acquired assets, including Clif Bar.”
“Our dedicated people remain focused on accelerating and compounding growth through significant investments in our brands, talent and capabilities while advancing our sustainability initiatives. Given our strong Q1 performance, we are raising our net revenue and earnings outlook for the year.”
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