Gum giant Wrigley has seen rising sales in Europe and Asia boost third-quarter revenue as the company’s shipments in North America fell.
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The company booked a 13% jump in sales for the three months to US$1.3bn, with a quarter of the sales gain coming from growth in Europe and Asia. Operating profit rose 14% to $259m.
In North America, sales volumes tumbled 14%, although price increases meant revenue dipped by only 2% to $436m. Wrigley said the fall in volumes was largely due to a reduction in trade inventory levels.
“Our overall business, led by Europe and Asia, continues to produce excellent results as a result of our focused investments in product innovation and brand support,” said president and CEO Bill Perez.
Wrigley said sales in Europe, the Middle East, Africa and India reached $675m, up 24% on the year. Over half the sales gain was due to rising volumes with currency fluctuations also boosting revenue. In the UK, Wrigley enjoyed a “mid-single digit” sales increase.
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By GlobalData
