Growth in Europe and Asia has sweetened full-year earnings at gum giant Wrigley, the company said today (4 February).
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Wrigley booked a 17% jump in operating profit to US$963m, as sales in Europe, the company’s largest region soared 26% in 2007.
The company admitted that its results were boosted by currency fluctuations but said volume growth and price increases led to a 15% rise in global sales to $5.4bn.
“Crossing $5bn in sales represents the achievement of an ambitious aspiration we had set for ourselves several years ago,” noted Wrigley chairman Bill Wrigley, Jr.
Wrigley saw revenue from its Asian operations rise 20% to $748m, thanks to rising sales volumes and, in part, to the strength of the Chinese renminbi to the US dollar.
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By GlobalDataHowever, Wrigley’s turnover in North America was flat at $1.76bn. Volumes fell 7% due, the company said, to “trade inventory adjustments”. Lower shipments were offset by price hikes.
