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July 14, 2020

Cloetta issues profit warning for third quarter

Swedish confectionery maker Cloetta has issued another profit warning after reporting second-quarter results.

By Dean Best

Cloetta has once again issued a profit warning, this time for the third-quarter, as sales of the Swedish confectionery group’s pick-and-mix category continued to decline.

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The Stockholm-listed business said today (14 July) that operating profit for the second quarter ended in June, adjusted for items affecting comparability, fell 32% to SEK110m (US$11.9m), steeper than the 8% drop reported for the first three months of its financial year. The company had warned in April that profits would be “significantly lower” than a year earlier.

It said in a statement: “Cloetta has also made an assessment that the operating profit, adjusted, for the third quarter will be significantly lower than prior year, and will then gradually strengthen, ending the year on double-digit margins.”

Sales of pick and mix declined organically by 58.5% during the quarter, broken down as a 70.5% decline in April, a 60.2% decrease in May and a 41.1% drop in June. 

Group sales for the quarter were down more significantly than the first quarter, posting a 21.5% decrease to SEK1.2bn versus a first-quarter decline of 2.6%.

It added: “Cloetta expects that sales of both branded packaged products and pick and mix will continue to improve gradually as Covid-19 restrictions ease.” 

Elsewhere in today’s numbers, group operating profit fell 34% to SEK105m, while net profit was up 11% at SEK108m.

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020.   Consumer industries had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment.   GlobalData’s Filing Analytics Annual Report 2021 on the Consumer industries provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:  
  • Quarterly & annual reports 
  • Earnings call transcripts 
  • IPO filings 
  • Events presentations 
  • ESG filing trends  
Understand the overall outlook for Consumer and spot the topics and themes that will be most impactful in the next few years.   Download the full report to understand what to expect and how to align your business for success.  
by GlobalData
Enter your details here to receive your free Report.

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