Food Business News - November 10, 2020 - 9

unchanged from a year earlier.
"Our third-quarter performance was
strong across all key metrics, with broadbased revenue growth as demand remained
elevated in developed markets and sequentially improved in emerging markets," Mr.
Van de Put said. "Our teams are executing
well, and we continue to deliver share
gains by meeting the needs of customers
and consumers, despite the uncertainties
caused by COVID-19. Our strategy remains
unchanged, and we are accelerating certain
initiatives and increasing the investment
behind our brands to further support longterm sustainable growth."
While investing in marketing,
Mondelez simultaneously has stepped up
cost-cutting initiatives. Mr. Van de Put
said the company will be 75% finished
with a stock-keeping unit reduction by the
end of December.
"Our teams are focused on ensuring we don't lose shelf space or incur
too much waste while increasing sales,
reducing inventory and increasing line
efficiency," Mr. Van de Put said.
More broadly, he said the company has implemented cost-mitigation

programs Mondelez believes fullly will offset COVID-related costs the company will
incur in the second half of the year.
Luca Zaramella, executive vice
president and chief financial officer, said
e-commerce represented a significant
source of growth in the third quarter,
increasing 78% from the same period a
year ago and now accounting for 5% of the
company's revenue base.
"In our top four markets, we grew triple
digits - in the US, close to triple digits in the
UK, and double digits in China and France,"
Mr. Zaramella said. "In some of those markets, our e-commerce share is greater than
our offline share, while in others, we have
more headroom. We see multiple instances
of significant e-commerce share gains this
year such as US biscuit and UK chocolate.
Importantly, we believe e-commerce is
driving incrementality as we look to meet
and generate additional demand. This is also
additive to our bottom line, with profitability
comparable to our offline business."
In North America, Mondelez International operating income was $387 million
in the third quarter, up 5% from $370
million the year before. Net revenues

Second stock-up phase bodes
well for frozen, refrigerated

were $2.06 billion, up 13% from the third
quarter last year.
Year to date, operating income in
North American was $1.19 billion, up 9%
from $1.1 billion. Net sales were $5.98
billion, up 15%, driven by elevated biscuit
consumption and strong share gains.
"Ongoing investment in working media and strong DSD execution are helping
us to sustain our broad-based share gains,"
Mr. Zaramella said. "Gum was down
double digits due to limited on-the-go
consumption occasions. North America
operating income increased by more than
18% due to volume leverage and cost
control initiatives, more than offsetting
COVID-related costs and meaningful
working media incremental investments."
In the nine months ended Sept. 30,
Mondelez net income was $2.4 billion,
or $1.68 per share, down 25% from $3.2
billion a year earlier. Net revenues were
$19.28 billion, up 1.7% from $18.96 billion
in the first three quarters of 2019.
For the full year, Mondelez projected
organic net revenue sales growth of 3.5%
or more and adjusted earnings per share
growth of 5% or more. FBN

Dairy sales increased
126% between March
and October from the
prior year, according to IRI.

©ANNANAHABED - STOCK.ADOBE.COM

©DAVID - STOCK.ADOBE.COM

HARRISBURG, PA. - Between March and October, sales of refrigerated foods increased
16% over the same period last year, while
sales of frozen foods grew 24%, according
to data from Information Resources, Inc.
The gains have come at a cost to consumers, with the price of frozen and refrigerated foods up between 8% and 9%.
"Consumers see that increase loud

November 10, 2020

and clear in the store," said Larry Levin,
executive vice president of marketing
and shopper intelligence at IRI, during
an Oct. 21 presentation at the National
Frozen & Refrigerated Foods Association's
2020 virtual convention. "We need to be
cognizant that price increases can scare
consumers over time."
It isn't just price increases that have
consumers worried. Eighty percent of
Americans now say the current health
and financial crisis will last longer than
six months, up from 56% in March, and a
majority think the United States isn't doing enough to combat COVID-19, up from
around a quarter in March.
Forty-two percent of consumers are
buying enough groceries for at least one
week, up from 38% in July. Thirty-seven
percent are buying enough for two weeks,
and 21% are buying enough for three or
more weeks.
"This can create a whole new growth
in penetration," Mr. Levin said. "The

opportunity and challenge is holding on
to those consumers."
E-commerce will be key to driving
continued growth in the frozen and refrigerated categories, Mr. Levin said.
"Those categories are beginning to
make important dents, especially when
you think about dairy," Mr. Levin said.
Dairy sales are up $3 million year-overyear, a 126% increase, with butter up 18%,
milk up 28%, cheese up 33% and yogurt up
29%. Consumers who increased spending on
milk were more likely to increase purchases
of cheese, butter and yogurt, IRI found.
"There's an opportunity for the four
major categories to work closely together
to drive sales within dairy," Mr. Levin said.
"You can clearly see the halo effect that is
happening... Taste and nourishment obviously played a role, but so did nostalgia.
Forty-one percent of consumers said they
grew up eating cheese, so I think nostalgia
has played a big role in what we've seen in
the COVID environment." FBN
Food Business News

9


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Food Business News - November 10, 2020

Table of Contents for the Digital Edition of Food Business News - November 10, 2020

Food Business News - November 10, 2020 - 1
Food Business News - November 10, 2020 - 1
Food Business News - November 10, 2020 - 2
Food Business News - November 10, 2020 - 3
Food Business News - November 10, 2020 - 4
Food Business News - November 10, 2020 - 5
Food Business News - November 10, 2020 - 6
Food Business News - November 10, 2020 - 7
Food Business News - November 10, 2020 - 8
Food Business News - November 10, 2020 - 9
Food Business News - November 10, 2020 - 10
Food Business News - November 10, 2020 - 11
Food Business News - November 10, 2020 - 12
Food Business News - November 10, 2020 - 13
Food Business News - November 10, 2020 - 14
Food Business News - November 10, 2020 - 15
Food Business News - November 10, 2020 - 16
Food Business News - November 10, 2020 - 17
Food Business News - November 10, 2020 - 18
Food Business News - November 10, 2020 - 19
Food Business News - November 10, 2020 - 20
Food Business News - November 10, 2020 - 21
Food Business News - November 10, 2020 - 22
Food Business News - November 10, 2020 - 23
Food Business News - November 10, 2020 - 24
Food Business News - November 10, 2020 - 25
Food Business News - November 10, 2020 - 26
Food Business News - November 10, 2020 - 27
Food Business News - November 10, 2020 - 28
Food Business News - November 10, 2020 - 29
Food Business News - November 10, 2020 - 30
Food Business News - November 10, 2020 - 31
Food Business News - November 10, 2020 - 32
Food Business News - November 10, 2020 - 33
Food Business News - November 10, 2020 - 34
Food Business News - November 10, 2020 - 35
Food Business News - November 10, 2020 - 36
Food Business News - November 10, 2020 - 37
Food Business News - November 10, 2020 - 38
Food Business News - November 10, 2020 - 39
Food Business News - November 10, 2020 - 40
Food Business News - November 10, 2020 - 41
Food Business News - November 10, 2020 - 42
Food Business News - November 10, 2020 - 43
Food Business News - November 10, 2020 - 44
Food Business News - November 10, 2020 - 45
Food Business News - November 10, 2020 - 46
Food Business News - November 10, 2020 - 47
Food Business News - November 10, 2020 - 48
Food Business News - November 10, 2020 - 49
Food Business News - November 10, 2020 - 50
Food Business News - November 10, 2020 - 51
Food Business News - November 10, 2020 - 52
Food Business News - November 10, 2020 - 53
Food Business News - November 10, 2020 - 54
Food Business News - November 10, 2020 - 55
Food Business News - November 10, 2020 - 56
Food Business News - November 10, 2020 - 57
Food Business News - November 10, 2020 - 58
Food Business News - November 10, 2020 - 59
Food Business News - November 10, 2020 - 60
Food Business News - November 10, 2020 - 61
Food Business News - November 10, 2020 - 62
Food Business News - November 10, 2020 - 63
Food Business News - November 10, 2020 - 64
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