April 23, 2002 FOR IMMEDIATE RELEASE Wm. Wrigley Jr. Company (WWY) First Quarter 2002 Financial Results The Wm. Wrigley Jr. Company announced today that first quarter 2002 sales rose 8% on a worldwide shipment volume gain of 5%. Net earnings for the quarter were $0.38 per share, up $0.02 or 6% from a year ago. In the absence of the negative effect of currency translation of foreign results into the again strengthening U.S. dollar, sales would have grown by 10% and earnings per share would have increased by 8%. Sales For the 2002 first quarter, global sales climbed by 8% to $599 million, up $43 million from the same quarter last year. Total company sales for the quarter would have been up $53 million or 10% without the negative currency translation effect. Sales in the EMEAI (principally Europe), Asia and Pacific regions combined, increased by 11% in the first quarter, but would have been up 15% except for the effect of translating foreign currencies – especially the euro and the British pound – to the stronger U.S. dollar. Despite the dampening effect of currency translation, numerous international markets achieved double-digit sales increases on the strength of increased shipments (10% overall), selected selling price increases and improved product mix. First quarter sales in the Americas region were up 4% despite a 1% shipment decrease. In the U.S., sales were up 2% even with shipments being down 6%, reflecting a strong improvement in product mix. The comparisons are difficult as the previous and year-ago quarters featured the two strongest U.S. quarterly sales increases in the past ten years (25% and 12% respectively). The balance of the region – Latin America, Canada, and Amurol – contributed to the overall sales gain and substantially offset the U.S. shipment decline with sales and shipment growth of 15%. Consolidated gross margin for the quarter was 58.4%, down 50 basis points from the same period a year ago due to slightly higher product costs, reflecting increased new product activity as well as sales growth in some relatively lower margin business units. Earnings Consolidated net earnings of $85.3 million were up $3.8 million or 5% from the prior year. On a per share basis, earnings for the quarter were $0.38, an increase of $0.02 or 6%. Without the currency translation effect, earnings per share would have been $0.39, up $0.03 or 8%. The earnings gain in the quarter resulted from the combination of increased shipments, improved product mix and selected price increases, and was partially offset by increased investments in sales infrastructure, technology and new product development. (continued) Page 2 In the first quarter, operating profits grew by 2% in the Americas region and by 10% in the overseas regions versus the prior year. In the Americas, Canada made the largest contribution to the PFO gain. In Europe, the improvement was led by our businesses in U.K., Russia and Germany. In the Asia and Pacific regions, the strongest performances were turned in by Taiwan, Australia and New Zealand. New Product Activity In 2002, the Wrigley Company is continuing its aggressive pace of new product launches. During the first quarter, preparations have been underway for a multiple country launch of X?Cite?, a combination chewing gum and mint. Initial shipments of this unique new product are already underway in the lead markets of the United Kingdom and Australia. Although in general, a more “mint like” experience because of their heavy, crunchy coating, these explosively flavored confectionery “pearls” are still gum at their core with all of its benefits, including great, long-lasting taste. By year end, X?Cite will be available in a number of additional countries across the EMEAI and Pacific regions, with other regions scheduled to follow. In the United Sates, although still completing the rollouts of two line extensions (Orbit? Spearmint and Eclipse? Peppermint) and one new brand launch (Orbit White?) begun in the final few weeks of 2001, groundwork was laid during the first quarter of 2002 for an additional new product launch and two historic re-launches. Eclipse, which was the fastest-growing, breath-freshening gum brand in the U.S. last year, is being extended with next month’s roll-out of Eclipse? Flash Strips?. These high-intensity, dissolvable breath films offer “Fresh Breath at the Speed of Life” ? as well as outstanding Wrigley taste technology. Also in May, we will begin shipments of improved Wrigley’s Spearmint? and Doublemint?. These two re-launches represent the most significant improvements, from both a product and a packaging standpoint, in the long and successful history of these brands (109 years and 88 years respectively). Commented President & CEO, Bill Wrigley, Jr., “The investments necessary to create these new products, particularly at the current accelerated pace, have a negative effect on short-term earnings. However, these and other investments in sales infrastructure and global systems capability are consistent with our focus on long-term growth, and we remain on track with our strategic business plan.” _____________________________ FROM: WM. WRIGLEY JR. COMPANY Christopher Perille, Senior Director - Corporate Communications Phone: (312) 645-4077 The Wrigley Company is a recognized leader in the confectionery field and the world’s largest manufacturer and marketer of chewing gum, with global sales of nearly $2.5 billion. The Company markets its world-famous brands in over 150 countries. Those brands, a couple of which have been around for over 100 years, include Doublemint, Wrigley’s Spearmint, Big Red, Juicy Fruit, Winterfresh, Extra, Freedent, Hubba Bubba, Orbit, Excel, Eclipse, Airwaves, Alpine, Cool Air, and P.K. To the extent that statements contained in this press release may be considered forward-looking statements, the following will be deemed to be the Company's meaningful cautionary disclosure regarding such statements. A variety of factors could cause actual results to differ materially from the anticipated results or expectations expressed. The important factors that could affect these outcomes are set forth in Exhibit 99 to the Company's Annual Report on Form 10-K for the year ended December 31, 2001. Page 3 STATEMENT OF CONSOLIDATED EARNINGS OF WM. WRIGLEY JR. COMPANY 2002 Three Months Ended March 31, 2002 2001 Net sales $ 599,026,000 556,212,000 Cost of sales 249,399,000 228,395,000 Gross profit 349,627,000 327,817,000 Selling and general administrative 226,196,000 212,320,000 Operating income 123,431,000 115,497,000 Investment income 1,797,000 4,089,000 Other income/(expense) (656,000) (191,000) Earnings before income taxes 124,572,000 119,395,000 Income taxes 39,240,000 37,865,000 Net earnings $ 85,332,000 81,530,000 Net earnings per average share of common stock (basic and diluted)a $ 0.38 $ 0.36 Average number of shares outstanding for the period 224,969,121 225,549,541 a Per share calculations based on the average number of shares outstanding for the period. Certain amounts reported in 2001, related to consumer and trade sales promotion expenses as discussed in the Company's 2001 Annual Report (pg. 24), have been reclassified to conform with the 2002 presentation. WM. WRIGLEY JR. COMPANY .