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.
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