Consumer
Mondelez Says Wary US Shoppers Are Cutting Back on Snacks
Mondelez International Inc. brand candies, including Sour Patch Kids, Oreos, and Cadbury chocolate.
Photographer: Daniel Acker/BloombergTakeaways NEW
Mondelez International Inc. posted slower-than-expected sales growth as worries about inflation and the economy push US consumers to prioritize essentials over cookies, crackers and sweets.
The owner of the Oreo, Ritz and Cadbury brands said organic revenue, which excludes currency changes and other items, rose 3.1% in the first quarter, short of the 3.5% that analysts had projected. Sales in North America unexpectedly fell while other regions saw gains.