Quarterly or Semiannual Financial Statements

Ritz, Oreo maker Mondelez sees sales growing slower than rivals

Mondelez International Inc. now expects its 2014 sales to grow at a slower rate than the global snack industry, as the company holds firm on raising prices, even though some rivals have not followed its lead and the higher prices have lead to weaker sales and rifts with retailers in France.

Mondelez had to cut costs in order to turn in a better-than-expected second-quarter profit on Wednesday, as sales fell after the snack maker raised prices. The company expected months ago that its plan to raise prices due to higher costs for ingredients such as cocoa would turn off some retailers and shoppers.  However, some stores reacted “quite severely” to the price increases, leading...