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A-Brands

Coffee Giant JDE Peet's Sees H1 Sales Up, Driven By Pricing

Coffee giant JDE Peet's has reported a 15.7% increase in organic sales in the first half of its financial year, with pricing up 15.9% in the period and volume/mix down 0.2%.

Reported sales were up 19.7% to €3.896 billion. In-home sales were up 12.0% and away-from-home sales rose by 33.7% on an organic basis, the group said.

Organic profit for the period rose by 1.4%, with organic adjusted EBITDA dropping by 2.1% to €631 million.

JDE Peet's brands include Jacobs, L'Or, Tassimo and Douwe Egberts, among others.

'Delivered On Commitments'

“Half-way through 2022, we delivered very well on our commitments, despite unprecedented economic and geopolitical disruptions, exacerbated by the tragic war in Ukraine," commented Fabien Simon, chief executive.

"Our strong set of results is a testament to the resilient growth profile of JDE Peet’s, supported by powerful brands, leading market positions and talented teams around the world."

The group's CPG Europe business reported organic growth of 5.3%, driven by a price increase of 12.7% and a decline in volume/mix of 7.4%, driven by the lifting of lockdown measures, the group said.

Elsewhere, its CPG LARMEA arm reported organic growth of 45.2%, seeing price up 44.0% and volume/mix up 1.3%, while its Peet's division reported organic growth of 12.9%, driven by a 9.4% price impact and 3.5% volume mix.

The group also recently reported progress with its sustainability measures.

Full-Year Outlook

Looking ahead, the group said that it expects the business environment to 'remain volatile' for the remainder of 2022, but still expects to report double-digit organic sales growth, with 'disciplined pricing for inflation', it said.

"Based on the progress made in the first half of 2022, we remain confident to reach our full-year outlook, while we continue to navigate, with humility and agility, the unpredictable inflationary environment, geo-political unrest and ongoing effects of the pandemic," said Simon.

Read More: Starbucks Beats Profit Estimates Despite Hit To China Business

© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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