Sweden-based confectioner Cloetta Fazer has seen first-half profits fall as slower sales growth in the second quarter hit earnings.
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The company, which is the Nordic region’s leading confectioner, booked a 8% fall in operating profit to SEK112m (US$16.2m) for the six months to 30 June. Sales were flat at SEK1.4bn, the company said.
CEO Jesper Åberg blamed higher manufacturing costs and said a heat wave in June affected sales.
Åberg added that raw material costs, mainly for cocoa and milk products, had risen over the past year.
“We will be forced to raise our prices to offset rising raw material costs as these reach full impact in the second half of the year,” he said.
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By GlobalData
