📊 Mondelez, Kraft and Kellanova Open Up Their Books

It’s earnings season, and today we are bringing you all the relevant bits from the balance sheets of top CPG conglomerates, including Mondelēz, Kraft Heinz and Kellanova. Let’s dive in:

Mondelēz posted “solid top-line” results in Q1 2024, reported this week, despite record-high cocoa prices and a proliferation of consumers downtrading to private label across all grocery categories amid lingering inflation. Here’s a rundown of the numbers:

• Net revenue was up 1.4%, and organic net revenue grew 4.2%
• Volume/mix declined 2.1% 
• Emerging markets contributed to the solid quarter with the segment’s revenue growing 3.8% 
• Gross profit increased by more than $1.3 billion
• Operating income rose by about $1.2 billion, and operating income margin was 29.4%. 

Direct-to-consumer meat and seafood seller ButcherBox announced today it has acquired virtual, on-demand cook-along platform Truffle Shuffle in an attempt to guide its subscribers to better cooking practices. So, amateur cooks, that means the next time you get an inch-thick ribeye steak in the mail, you won’t have to face that expensive hunk of meat alone.

💻 The two will lean into synergies between their respective platforms while allowing Truffle Shuffle to continue to operate as its own brand but opening up its content library to the ButcherBox subscriber base.

👨🏻‍🍳 Truffle Shuffle was founded by former fine-dining chefs Jason McKinney and Tyler Vorce and gives users digital cooking classes complete with exclusive ingredient kits.

🤝🏼 The Truffle Shuffle duo appeared on “Shark Tank” in 2021 and closed a deal with entrepreneur Mark Cuban, who took a 18% stake in the business.

• Insights on the new cannabis bill just re-introduced to the Senate this week
• News that Ventura Foods is expanding its capabilities via a new acquistion
• Details on Jif's biggest innovation in a decade

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