Mondelēz International has reported 2.6% growth in net revenue to $6.7 billion during its first quarter, driven by strong demand from North America.

Despite having beaten analysts’ estimates for its quarterly results, Mondelēz has withdrawn its full-year financial guidance for 2020, owing to limited visibility caused by the coronavirus pandemic.

In its first quarter, the owner of Cadbury and Oreo witnessed a significant increase in demand for the company’s snacks in developed markets which helped to offset weakness in emerging markets. 

In North America, net sales grew by over 15%. Growth in Europe was less pronounced – up 1.3% year-over-year – but the region generated the largest amount of revenue overall, recording nearly $2.6 billion worth of sales.

In emerging markets, net revenue was down 3.4%, with a notable decrease in sales of 9.3% in Latin America.Van de Put added: “In the last month of the quarter, we saw a significant increase in consumer demand for our snacks in developed markets, particularly in North America, which more than offset a more challenging environment in several emerging markets.     

“Our priority at this time is to protect our colleagues and maintain business continuity in service of our customers and consumers around the world. 

“We remain confident that with our dedicated people, our portfolio of trusted global and taste-of-the-nation local brands, our strong balance sheet, access to significant liquidity and our clear strategic priorities, we have everything we need to manage through this pandemic and emerge stronger on the other side.”