Lindt & Sprungli: better than expected half-year earnings
(CercleFinance.com) - Swiss chocolate maker Lindt & Sprungli reported better than expected half-year earnings on Tuesday, despite saturated or stagnating chocolate markets.
The company's net income came in at 88.1 million Swiss Francs at the end of June, up 2.4% from the same period in 2018.
Sales reached 1.8 billion Swiss francs, which corresponds to "strong" organic growth of 6.2%, which prompted the company to confirm its full-year organic growth target of 5%-7%.
The "North America" region achieved organic growth of 7.2% in the first half-year, Lindt said. For the record, the US is currently the world's largest chocolate market.
In Europe, sales amounted to 874 million Swiss francs in the first half of the year, representing organic growth of 5%, driven by the UK, Austria, Germany and Switzerland, as well as Scandinavian countries.
The results supported investor's sentiment and the shares were up 3.8% in late morning trading. They have risen by almost 25% so far this year.
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