Lindt & Sprüngli records strong sales growth for 2024, despite cocoa pricing challenges

Lindt Goldhase Animalprint Leo-Tiger. (PPR/Lindt & Spruengli)
Swiss premium chocolate business Lindt & Sprüngli has reported strong sales revenue increases for 2024, rising by 5.1% to CHF 5.47 billion for the year, despite considerable headwinds from high cocoa prices, reports Neill Barston.
According to the company, it achieved notable organic growth of 7.8% last year, backed by mid-single digit price increases in light of higher core ingredients costs, with all international markets contributing to its improved position.
Significantly, the firm characterised 2024 as a ‘challenging year’ due to the major rise in cocoa prices (which hit highs of $12,000 on commodities markets), which in turn impacted consumer spending amid higher retail pricing. As the business noted, the cocoa market was volatile in the reporting year, with cocoa prices remaining at a comparative high by the end of the year.
In light of this, Lindt noted that it would be likely that further pricing increases of its products would be necessary during 2025, mirroring wider increases in general grocery prices across the food and drink sector.
As regards trends, last year the business noted a particular rise in gifting ranges, pralines and hollow figures. It reported that key growth drivers were Lindor and Excellence with strong organic growth and market share gains in all regions.
Product innovations included the roll out of the Excellence Pailleté range and new Lindor flavors such as Tiramisu. One of its biggest successes of the year was a recent introduction of its handmade Lindt Dubai Chocolate in a limited edition in its own retail stores.
This came off the back of a major craze last autumn, that saw Dubai chocolate trade hands at anything up to €100 a bar, as fans looked to get their hands on the Middle East inspired flavours, which resulted in Lindt delivering its own recipe for wholesale.
European strength
As for the company’s regional performance, notably, Europe posted the highest sales with CHF 2.59 billion (previous year: CHF 2.41 billion), growing organically by an excellent 9.5%. Lindt & Sprüngli achieved double-digit growth in many European markets, especially in the UK, Central Eastern Europe, France, and Benelux. Other core markets like Germany, Italy, and Switzerland contributed to the results with solid mid-single-digit growth.
Meanwhile, North America increased sales to CHF 2.15 billion (previous year: CHF 2.11 billion), an organic growth of 5.0%. Performance in North America was influenced by a shift of Easter orders into 2023, reflecting the earlier Easter date in 2024 and the destocking by major retail customers in the first half of 2024. Excluding these one-off effects, the organic growth rate would have been 6.0%. Lindt & Sprüngli in the USA and Canada posted solid single-digit growth and gained further market shares. Ghirardelli also showed a strong performance, growing high single digits and gaining market share as well. Russell Stover faced a slight decline in sales in a challenging market.
As for other international markets, these gained sales growth of 10.0% to CHF 0.72 billion (previous year: CHF 0.68 billion), with excellent development in core markets like Brazil, Japan, and China at double-digit growth rates.
In its outlook, the business expressed confidence that it will achieve an operating profit margin (EBIT) of at least 16.0% (previous year: 15.6%). Based on th price adjustments, it forecast increased organic growth in the region of 7–9% in 2025.