Mondelez International, the snacks group spun off from Kraft Foods last month, has reported a fall in underlying third-quarter sales amid problems in Brazil and Russia.
The company, which produces brands including Cadbury chocolate, booked a 5.1% fall in net revenues to US$8.3bn for the three months to the end of September. On an organic basis, which excludes the impact of disposals and foreign exchange, sales were up 1.5%.
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The results were given on an adjusted, pro-forma basis to “facilitate comparisons” with last year’s third quarter.
However, Mondelez said a “difficult comparison” with last year’s third quarter and “executional issues” in some markets hit sales in developing markets. Results from Brazil and Russia were “weak”, it said.
Group operating income was up 2.2% at $1.1bn. Mondelez said volumes were lower but added it had managed input costs. Diluted earnings per share fell 2.6% but were up by the same amount on a constant-currency basis.
Mondelez reaffirmed its 2013 forecasts of organic net revenue growth at the “low end” of an increase of 5-7% and of operating EPS of $1.50 to $1.55.
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By GlobalData
