Oreo maker Mondelez beats quarterly sales estimates on resilient snack demand

Oreo maker Mondelez beats quarterly sales estimates on resilient snack demand

(Reuters) -Mondelez International Inc beat market expectations for quarterly sales on Tuesday, as more consumers snacked on the Oreo makers chocolates and snacks over the holiday season even as inflation pinched pockets.

Packaged food makers including Mondelez, Kraft Heinz and Cheerios owner General Mills have all been increasing product prices steadily in the face of rising costs in a bid to protect profits.

While inflation has hammered spending power, consumers have been willing to pay more for their favorite snack and chocolate brands, boosting revenues at Mondelez, instead of trading down to cheaper, private-label alternatives.

Mondelez also said it expects full-year 2023 organic net revenue growth of 5% to 7%.

The companys net revenues rose to about $8.70 billion in the fourth quarter from $7.66 billion a year earlier, while analysts on average expected $8.33 billion, according to Refinitiv IBES data.

(Reporting by Deborah Sophia and Aatrayee Chatterjee in Bengaluru)

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