Lindt chocolate sees more bitter 2009 ahead
March 17th, 2009 - 3:45 pm ICT by IANS ( Leave a comment )Geneva, March 17 (DPA) Lindt & Spruengli, the Swiss chocolate manufacturer, said Tuesday it would not meet profit and growth targets this year due to the global economic downturn.
In a statement, the company said: “2009 is set to be a year of transition, in which long-term growth and earning targets will not be attained”.
The chocolatier said its net income in 2008 was up 4.4 percent and stood at 261.5 million Swiss francs ($220 million), on group sales of nearly 3 billion francs. The company said it had a strong balance sheet which “reflects a position of strength”.
Nonetheless, profits would decrease in the near future.
Volatile commodity markets, as well as customers’ reticence to indulge themselves during a crisis, has cut into the company’s growth, which has been sweet in recent years.
The maker of Lindor chocolate said it planned to return to meeting long term goals by the end of 2010.
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Tags: 5 million, balance sheet, chocolatier, dpa, economic downturn, geneva, group sales, growth targets, lindt spruengli, march 17, net income, profits, reticence, swiss chocolate manufacturer, swiss francs, term goals, transition, volatile commodity markets
