US chewing gum maker Wm Wrigley Jr has reported a rise in quarterly profit, boosted by the weak dollar and strong sales in the US and abroad.
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Wrigley, which makes Doublemint and Juicy Fruit chewing gum, reported second-quarter profit of US$125.9m, or 56 cents a share, compared to $110m, or 49 cents a share, a year earlier. The result was in line with analysts’ forecasts, reported Reuters.
Wrigley said favourable currency effects had added 5 cents per share to second-quarter earnings.
The company’s sales rose 12% to $793m. On a constant currency basis, sales rose 5%.
US sales rose 6%, helped by brands such as Orbit and Eclipse, but promotional spending was higher and cut into profits. International sales increased 19%, on 5% volume gains. Strong sales in Europe offset a 9% fall in sales in Asia.
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By GlobalData
