Yahoo Finance Mondelēz CFO: 'The opportunities for Oreo are pretty much everywhere'
Oreo is the most popular cookie brand in the world, and it still has room to grow as it continues to benefit from pandemic pantry stocking, according to its parent company Mondelēz (MDLZ).
“The opportunities for Oreo are pretty much everywhere. ... And we see it growing double-digit,” Mondelēz CFO Luca Zaramella told Yahoo Finance Live.
In the U.S., the creme-filled chocolate cookie has grown at a double-digit compound annual growth rate (CAGR) since 2018, Zaramella noted.
First appearing in March 1912 in Hoboken, New Jersey, the Oreo cookie can now be found in more than 100 countries. China is the second biggest market for Oreo, and taste for the snack is continuing to grow in Brazil, Indonesia, parts of Africa, Europe, and the U.K., according to Zaramella.
“We have found the way to market that product very well to consumers and consumers happen to love it. And, over time, obviously, besides the core, you can get flavored Oreos, you can get Oreo Double Stuff, you can get Oreo themes. And there is interesting innovation that we have in the pipeline that might be coming next year that I think will extend the legs of what is truly a powerful brand for us.”
On Tuesday, Mondelēz reported better-than-expected earnings results, delivering revenue of $7.24 billion ahead of forecasts of $7.02 billion, and earnings per share of 77 cents, compared to estimates of 69 cents.
For the quarter, the biscuit category, of which Oreo is the main contributor, posted total revenues of nearly $3.3 billion, up from nearly $3.03 billion a year ago. The biscuit category accounted for 48% of Mondelēz’s total revenue in the quarter.
Julia La Roche is a correspondent for Yahoo Finance. Follow her on Twitter.
