Swiss chocolate producer Lindt & Sprüngli missed its full-year revenue forecast today (20 January) despite posting a 5.8% rise in annual sales.
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The maker of Lindor, Excellence and Ghirardelli chocolate, reported a 5.8% increase in sales in local currencies to CHF2.94bn (US$2.59bn), but missed sales expectations and its own sales growth target.
The group had been targeting organic growth of 8-10%.
Lindt said the weakness of the euro, pound and dollar had eroded revenues outside its home market.
“The worldwide uncertainty prevailing in 2009 will probably be more challenging than at any other time in history,” the company said.
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By GlobalDataDespite this, Lindt said the results are “encouraging”. Double-digit growth was achieved in overseas export markets, in Canada, and in northern and Eastern Europe, namely Scandinavia, Russia, Poland and Austria.
For fiscal year 2008, and as communicated in its long-term targets, Lindt expects to achieve a 20 to 40 base points improvement in EBIT margin.
