Mondelez’s net revenue falls 18 percent

Net revenue fell 17.8% to USD 6.85 bn, hurt by lower sales in Europe, its largest market. This was the eight straight quarter of sales declines. Mondelez said organic revenue increased 3.7%, helped by a 10.3% jump in sales in emerging markets such as Latin America and Asia-Pacific. Power brands grew 5.1%, including some of the company's largest global and regional brands, such as Oreo, Chips Ahoy!, Ritz and belVita biscuits, Milka, Cadbury Dairy Milk and Lacta chocolate, Trident gum and Hall's candy. Organic Net Revenue from emerging markets was up 10.3%, while developed markets decreased 0.5%. Net income attributable to Mondelez was USD 7.26 bn, including a USD 7.12 bn gain due to divestitures in its coffee business. The company earned USD 899 m, a year earlier. "We delivered strong margin expansion in the third quarter by progressing our transformation agenda in a volatile and challenging macroeconomic environment," said Irene Rosenfeld, Chairman and CEO.