Mondelez International reported that Clif Bar delivered another quarter of double-digit growth and improved profitability in the third quarter ended September 30. Mondelez acquired the energy bar brand in August 2022 for $2.9 billion.
On an analyst call, Luca Zaramella, EVP and CFO at Mondelez said that the Clif Bar brand “delivered double-digit growth and robust volumes” in the third quarter for the company while profitability continues to benefit from its integration steps. Zaramella said, “We still have some synergies opportunities as we have now integrated the platform into SAP.”
At the close of February, Alexandre Zigliara, leading Clif Bar’s global integration, was named president of Clif Bar, replacing Sally Grimes. He previously spent a year as SVP and general manager of strategic growth channels at Mondelez after 17 years working for Coca-Cola.
Dirk Van de Put, chairman and CEO of Mondelez International, also noted on the call that Clif Bar was up double-digits in sales in the year-to-date period, led by the product Clif Kid Zbar. He added, “Within that, the Clif Kid Zbar has been a particular standout. Zbar is a delicious organic, non-GMO soft-baked, whole grain energy snack for kids with zero trans fat or artificial flavors. Zbar is growing at twice the rate of the total bars category with consumption dollar growth up 19 percent versus last year.”
Among other brands in Mondelez’s snack bar business, Grenade, a nutrition bar sold in the UK and Europe, and Perfect Snacks, a refrigerated nutrition bar, delivered double-digit growth.
Van de Put said Grenade, acquired in 2021, “continues to exceed our expectations. Grenade is performing very well in the sports nutrition space with signature bars that are high in protein and low in sugar. Since our acquisition a bit more than two years ago, we have doubled the business, thanks to strong core growth in the UK and distribution expansion in Ireland, Nordics and the Benelux.”
Van de Put added that Perfect Snacks, acquired in June 2019, “is experiencing continued double-digit value growth, strengthening its position as the number one refrigerated protein bar in the United States.” He said Mondelez expects its snack bar business to exceed $1.2 billion in net revenue this year.”We have a great portfolio and strong conviction in the growth potential of our snack bar business and we will continue investing to drive leadership in the segment,” said Van de Put.
Mondelez International brands also include Oreo, Ritz, LU, and Tate’s Bake Shop biscuits and baked snacks, Cadbury Dairy Milk, Milka, and Toblerone chocolate.
Photo courtesy Clif Bar
