Lindt & Spruengli targets 6-8% gross sales development, broadcasts share buyback By Reuters

© Reuters. A grasp chocolatier from the Swiss chocolate maker Lindt & Spruengli prepares a chocolate after the annual press convention in Kilchberg

By Silke Koltrowitz

ZURICH (Reuters) – Swiss chocolate maker Lindt & Spruengli mentioned on Tuesday it was aiming for 6-8% natural gross sales development this 12 months due to pent-up demand after the pandemic hit its enterprise and squeezed its backside line l ‘final 12 months.

Chocolatiers are combating average demand as customers purchase fewer goodies as items or on journey throughout the COVID-19 pandemic, and Lindt has additionally been hit by the momentary closure of its personal shops.

Web revenue fell 37.5% to 320.1 million Swiss francs ($ 349.53 million) in 2020, maker of chocolate balls Lindor and gold foil-wrapped Easter bunnies mentioned in a press launch.

However the firm mentioned it believes the chocolate market, and specifically the high-end phase during which it operates, will proceed to develop sooner or later.

He mentioned he anticipated natural gross sales to develop 6-8% this 12 months, after which 5-7% yearly from 2022, according to his mid-term forecast.

The Zurich-based firm additionally introduced a brand new share buyback program of 750 million francs from June of this 12 months to the top of subsequent 12 months and pays a dividend of 1,100 francs per registered share and 110 francs per bond. participation.

He had paid an unusually excessive dividend for his birthday final 12 months.

“Total, a stable impression with money stream and the announcement of a buyout are the principle optimistic surprises,” mentioned Jon Cox, analyst at Kepler Cheuvreux, including that the outlook was additionally bullish, however roughly much less according to the expectations of the road.

Lindt & Spruengli beforehand reported a 6.1% drop in 2020 natural gross sales in January. The contraction in gross sales led its working margin to fall to 10.5%, in comparison with 13.2% in 2019.

He mentioned the margin is predicted to return to 13-14% this 12 months after which to fifteen% in 2022.

(1 USD = 0.9158 Swiss francs)

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