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WWY's poor sales growth was due to currency exchange rates. Without the strong performance of the dollar vs foreign currencies, growth would have been higher. What you really should be focusing on is volume growth. Here's WWY's volume growth over the past 6 years, which I am comparing to Coca-Cola:

Year: 94 95 96 97 98 99
WWY: 2% 9% 8% 5% 4% 5%, average 5.5%
KO: 10% 8% 8% 9% 6% 1%, average 7%

Their volume growth is coming primarily from overseas expansion. Canada, Mexico, and Asia are showing volume growth in the mid-teens. Unfortunately, many of these countries have their own gum monopolies, which have had some success at fighting off wrigley's attempts to gain marketshare. In China, for example, there is one monopoly that has something like 95% of the market.

Over the past 5 years, average annual price increase has been 2-3%. While they are not raising prices in developing countries in order to drive volume growth, they are benefiting from improved product mix. This is is expected to continue as they accelerate new product initiatives and as they focus on functional gums(teeth whitening, cough relef, etc)

They have been able to improve gross margins significantly over the past several years, but since they are increasing advertising expenditures to drive volume growth, I wouldn't expect much in the way of margin improvements.

I think WWY is overvalued at this point, considering their low growth rate. But at a lower price, I would definitely be a buyer.

Disclosure: I bought one share of wrigley to get the free gum they send their shareholders every year

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