Oreos and Chips Ahoy aren’t flying off the shelves in the inflation economy – and it’s hurting sales at Mondelez International.
To meet consumers at “right price points,” Mondelez’s CEO Dirk Van de Put told investors the company is “implementing new, targeted promotions,” including a “pack size priced in the $3 to $4 range to drive continued brand loyalty and value for Oreo, Chips Ahoy, and Ritz.” During the earnings call, de Put mentioned consumers 39 times.
The Chicago-based company has already launched Oreo-centric promotions, including a Star Wars Oreo and Oreo Space Dunk, in an effort to attract Star Wars fans, de Put said.
Even with quirky promotions, sales in North America slipped 3.4%, while European sales fell 1.8%. Sales in Asia declined by 1.4%. In a bright spot, sales in Latin America nudged up just 0.3%.
In May, Mondelēz agreed to pay $366 million to the European Union (EU) for limiting cross-border sales of its chocolate, biscuit, and coffee products.
Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
The South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service.
In no event shall the South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice.
The Company does not warrant that the Service is free of viruses or other harmful components
