S premium chocolate maker Lindt & Spruengli will meet its 2010 operating profit goal after North American and UK consumers bought more of its Lindor truffles, helping to offset the strong franc.
The company said it had seen a double-digit increase in demand for its chocolates in its most important market of North America as well as in Britain, the largest European chocolate market.
But the franc’s strength against the euro, dollar and pound weighed slightly more than expected and sales in francs rose 2.2 per cent to 2.6bn francs ($2.7bn). Analysts had on average expected sales to rise 2.8 per cent in francs.
“Strong set of figures and company beats its five to seven per cent organic growth target for 2010 on the back of US and UK – where it probably benefitted from its affordable treat status even during a recession,” said Kepler Capital Markets analyst Jon Cox.