SWEDEN: Cloetta Q3 net profit up despite sales decline

By Petah Marian | 23 June 2011

Cloetta's reported an increase in net profit despite sales falling in Q3

Cloetta saw net income double during the third quarter of 2011 despite the Swedish confectioner reporting a decline in sales over the period.

The company said today (23 June) that for the quarter ended 31 May, profit after tax reached SEK4m (US$616,317) against the SEK2m reported in the same period of the previous year.

Net sales declined to SEK237m against SEK267 in 2010, with the company attributing the strong prior year sales to products from the Official Wedding Series, celebrating the wedding of Crown Princess Victoria to Daniel Westling. Additionally, sales of products manufactured on contract and in the pick-and-mix segment were lower than in the previous year.

"In our internal efforts we have increased the focus on efficiency programmes throughout the value chain. We are conducting discussions with our customers in areas such as category development, which is creating the conditions for us to maintain a high pace in product range optimisation, generate profitability for Cloetta and our customers and provide our consumers with interesting new products," said managing director and CEO Curt Petri.

For the nine-months ended 31 May, net sales declined to SEK794m against SEK848m in the same period of the previous year, while profit after tax declined to SEK19m against SEK27m in the same period of the previous year.

Sectors: Confectionery, Financials

Companies: Cloetta

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