CADBURY, THE world's second- biggest chocolate maker, said sales growth was slowing in North America and parts of Europe, with consumers cutting back on visits to convenience stores and retailers destocking their shelves in an effort to preserve cash.
Todd Stitzer, chief executive of Cadbury, yesterday said that while chocolate remained more recession proof than many indulgence purchases, the market was softening.
"Cautious consumers are taking fewer trips to convenience stores and using airports and train stations a bit less frequently," Mr Stitzer said.
He added that retailers and wholesalers have been managing inventory down to preserve their cash flows, echoing comments made last week by Procter Gamble, the world's biggest consumer goods maker.
Cadbury also announced that it had appointed Andrew Bonfield, the former chief financial officer of Bristol-Myers Squibb, as its new head of finance, to replace the highly-regarded Ken Hanna, who is retiring in April.
Mr Bonfield is scheduled to join Cadbury in February.
- (Financial Times service)
