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)

sportsdirect-com listed on couponmatrix.ukdr-jart listed on couponmatrix.ukfootasylum listed on couponmatrix.ukmulberry listed on couponmatrix.uknars listed on couponmatrix.ukthortful listed on couponmatrix.uk
sportsdirect-com listed on couponmatrix.ukMove mountains and fitness goals forward with Sports Direct. From your favourite trainers by Nike and Puma to high-performance leggings and tracksuits by adidas, you won’t find better deals on branded sportswear anywhere else. Shop online with a Sports Direct discount code to save on the essential gear for your sport of choice. Whether you’re interested in football, hiking, yoga or rugby, Sports Direct is the home of affordable workout wardrobes and exercise gear. Keeping the family active shouldn’t have to come at a cost. That’s why we’ve uncovered the latest Sports Direct code so you can dance, kick, stretch and flex for less. Whether you’re looking to upgrade your athletic wear, or simply dig the sports fashion look, you’ll find everything you need to keep stylish and fit at Sports Direct.
dr-jart listed on couponmatrix.ukKorean skincare brand Dr Jart makes skincare goals possible. From Dr Jart masks for an instant boost of hydration to Dr Jart colour correcting creams for an even complexion, these skincare experts can help with all skin concerns—the hero we need and deserve. We’ve pulled all the Dr Jart discount codes, student offers and deals in one place, making it easy to try out best-sellers like the famous Dr Jart Cicapair Tiger Grass Cream for less!
footasylum listed on couponmatrix.ukAdd some streetwear to your wardrobe with Footasylum, the foot and clothing brand that defies traditional trends in place of daring urban styles. From cropped training tops to decade-defining footwear including UGG boots and Adidas Original trainers, we at Groupon have ways to save on a myriad of fashion staples thanks to our latest Footasylum discount codes. Sporting styles for men, women and children under its banner, there’s room for every family member to find their fashion sense at Footasylum.
mulberry listed on couponmatrix.ukFounded in the 1970s in Somerset, you’d be hard-pressed to find someone who doesn’t know about Mulberry. Mulberry leather handbags are famous all over the world, and the brand has reached icon status for its cutting-edge designs. Designer handbags don’t have to be out of budget – we’ve got the latest Mulberry discount code to help households save money here at Groupon! If you’re looking for a bag that lasts a lifetime, Mulberry is the one for you!
nars listed on couponmatrix.ukNARS Cosmetics was set up by French photographer Francois Nars to offer a choice of makeup just as perfect under the scrutiny of the camera as it is in real life. NARS’s range of makeup, cleansers, toners, and colour palettes bring the glamour of fashion photo shoots to everyone, so pick up a NARS discount code and get your cosmetics for less. With a focus on quality, this chic cosmetics company has everything you need to really glow.
thortful listed on couponmatrix.ukThere’s never a dull greeting card at Thortful, the creator hub for clever, heartfelt and hilarious card designs. From witty Valentine’s to birthday cards guaranteed to jerk a tear, find the right card to suit your personality and then bag it for a bargain with the latest Thortful promo code. Even if you’re travelling abroad, sending a unique postcard using your own photos can be a breeze thanks to Thortful’s customisation tool.