Barry Callebaut changes CEO and cuts sales guidance

By Andrey Sychev and Paolo Laudani (Reuters) -Switzerland’s Barry Callebaut, the world’s biggest chocolate maker, on Wednesday appointed Peter Feld as its new chief executive and cut its full-year sales guidance as inflation-hit customers reduced purchases. Feld succeeds CEO Peter Boone, who is stepping down for personal reasons, with immediate effect, the company said.

Feld previously held the top position at Jacobs Holding, Barry Callebaut’s biggest shareholder. Barry Callebaut has suffered as consumers tightened their belts due to sky high inflation in some markets. As a result,the company has cut back the amount it is investing in the business and reduced its sales guidance for the fiscal year to end-August by more than analysts had been expecting.

“We chose a prudent approach in the current market environment, reflecting a slightly lower capex,” Chief Financial Officer Ben De Schryver said on a conference call with analysts. The chocolate maker forecasts full-year volume growth to be “flat to modest”, De Schryver said, down from the 5% annual growth that was expected previously. The 2023 guidance reset was not surprising but “the magnitude of the downward revision is significant”, according to Vontobel analyst Jean-Philippe Bertschy.

The market expectation was for the sales forecast to be cut to 3%. The Zurich-based firm, which supplies chocolate for Magnum ice creams made by Unilever and for Nestle’s KitKat bars, said sales volumes in the six months ended Feb.

28 fell 2.9% to 1.13 million tonnes. However, the pace of decline has moderated, with sales dropping 0.5% in Q2 compared with a 5.1% plunge in the three months to end-November.

Apart from inflation, volumes were also hit by destocking in North America as the post-pandemic demand surge fades away. Nevertheless, the firm expects improvement in the U.S. market, where “people are going out, travelling, buying desserts and bakery, so overall it is quite resilient over the longer term”, De Schryver said on the call . Barry Callebaut shares opened down about 2%, but recovered to be flat at 10:00 GMT.

(Reporting by Andrey Sychev and Paolo Laudani; Editing by Jamie Freed and Sharon Singleton)

Tags:

ax-paris listed on couponmatrix.ukbedfolk listed on couponmatrix.ukfootshop listed on couponmatrix.ukillicit-encounters listed on couponmatrix.ukpost-a-rose listed on couponmatrix.ukthe-watch-hut listed on couponmatrix.uk
ax-paris listed on couponmatrix.ukFor the latest celebrity styles at your fingertips, AX Paris is the place to be! Discover the trendiest outfits as worn by the hottest fashion influencers and refresh your wardrobe with this season’s most papped looks for less. Add an exclusive AX Paris discount code to your order and liven up your everyday wardrobe for a fraction of the price. Polish your look with the most gorgeous footwear and accessories and make every outfit Instagram worthy.
bedfolk listed on couponmatrix.ukWrap up warm in sheets fit for royalty from Bedfolk. Accepting nothing but the finest linen and cotton blends for their bedsheets, pillows and duvet covers, Bedfolk surpass expectations to offer quality sleep to snoozing customers worldwide. Utilise our latest Bedfolk discount code to secure yourself many a night of unrivalled sleep for less. Like, Bedfolk and their luxurious bedding make for the ideal birthday, Christmas or wedding present for anyone eager to sleep soundly.
footshop listed on couponmatrix.ukKeep your feet in tip-top condition with a welcome break at Footstop, your local podiatrist and chiropodist. As experts in treating feet conditions, you can treat everything from a verruca to an ingrown toenail for a fraction of the price with the latest Footstop discount code from Groupon. There’s nothing quite as annoying as walking on a damaged foot, so address the problem at the first available opportunity with a treatment from Footstop today. We all know that sometimes life gets in the way of our scheduled routine, with the folks at Footstop being no exception. That’s why you won’t have to pay for an appointment you can’t make, provided you give at least 24 hours’ notice. Also, anyone working with a shoestring budget can opt to book a treatment with a foot health practitioner instead of a podiatrist, which – though less extensively qualified – can save you 10% of your booking price. Gradual wear and tear can happen to everything, with your feet being no exception. That’s why we’d recommend getting a routine chiropody treatment, available for less with the latest Footshop vouchers. Each check-up will see one of Footstop’s experts removing any hard or soft skin from your feet, whilst also touching up your nails for good measure. Keeping a strong stride is far easier with a little professional help, so ensure you’ve given yourself the treatment your two feet deserve at Footstop.
illicit-encounters listed on couponmatrix.ukAnyone eager to explore connections outside their current relationship could meet someone special on Illicit Encounters. Matching like-minded individuals to meet, mingle and more, anyone eager to explore their options can use an Illicit Encounters voucher code to cut the cost of a premium membership. Whatever level of relation or kind of person you’re looking to find, Illicit Encounters provides the means to meet your match with minimal stress and optimal privacy.
post-a-rose listed on couponmatrix.ukPost-a-Rose is a top online retailer for fresh flowers, plants and gifts. They offer a wide range of beautiful bouquets and arrangements perfect for any occasion, as well as a great selection of potted plants and gift items, which can be delivered straight to your door! Whether you're looking for a special gift or just want to treat yourself to some gorgeous flowers, be sure to use a Post-a-Rose voucher code to save money on your purchase. At Groupon, we are always on the lookout for the best Post-a-Rose voucher codes and discounts. Check back often for the latest codes and deals, or sign up for our newsletter to receive alerts straight to your inbox. With a Post-a-Rose discount code, you can enjoy beautiful flowers and plants at a fraction of the cost. So don’t wait, make someone’s day and be sure to take advantage of these great deals! If you're looking for a beautiful bouquet to send as a gift, be sure to check out the selection at Post-a-Rose. You can find something for any occasion, and with a Post-a-Rose discount code, you can save money on your purchase. The Sunshine bouquet is a top seller, and features a stunning mix of beautiful flowers. This arrangement is perfect as a special gift. Whatever the occasion, use a Post-a-Rose discount code to save money on your order.
the-watch-hut listed on couponmatrix.ukIf you're a bit of a stickler for a great looking timepiece then why not keep your eye on the time and bag yourself a luxury watch from The Watch Hut. All tastes are catered for and, with a wide selection of brands to choose from for men and women, including Michael Kors, Casio, Seiko and DKNY, why not use The Watch Hut discount code and get one as a gift for a loved one or a treat for yourself.