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April 28, 2008

US: Asia, Eastern Europe sweeten Wrigley Q1

US gum giant Wrigley, which today (28 April) announced a merger with Mars, has also booked a strong set of first-quarter results.

US gum giant Wrigley, which today (28 April) announced a merger with Mars, has also booked a strong set of first-quarter results.

The company posted a 28% jump in operating profit to US$270m on the back of a 16% rise in sales to $1.5bn.

The figures added to what has been a notable day in the history of the 117-year-old company, which agreed a US$23bn deal with Mars.

Chairman Bill Wrigley said: “The strong results this quarter are a reflection of our broad global base of operations, in particular, the vigor of our business operations in fast-growing marketplaces across the developing geographies of Eastern Europe and Asia.”

The company saw double-digit sales growth in Russia and Poland, while in Asia, revenue rose by a quarter thanks to gains in China, Australia and Vietnam.

Sales were up 5% in North America to $433m despite volumes dropping 10%. Wrigley said higher selling prices and an improved product mix pushed up revenues.

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