Lindt & Spruengli Sales, Profit Rise; Confirms Outlook
By Nina Kienle
Chocoladefabriken Lindt & Spruengli increased sales and profit in the first half and confirmed its full-year outlook.
The Swiss chocolatier on Tuesday said net income for the period ended June rose to 218.0 million Swiss francs ($245 million) from CHF204.5 million in the first six month of the prior year.
Earnings before interest and taxes--the company's operating profit--increased to CHF292.3 million from CHF255 million with a margin increase to 13.5% from 12.2%.
Organic sales rose 7% to CHF2.16 billion, supported by mid-single-digit price increases in the first half to offset higher cocoa prices, the company said.
All three regional segments continued to grow, with a growing market share in all key markets, the company said.
A new share buyback of up to CHF500 million will start on Aug. 2 and last until July 31, 2026, as decided on Monday, it said.
The company confirmed its full-year targets, expecting organic sales growth of 6% to 8% and an EBIT margin increase at the upper end of its 20 to 40 basis points range.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
July 23, 2024 03:38 ET (07:38 GMT)
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