Coffee and tea giant JDE Peet's has said that it expects organic sales growth for its 2023 full year to come in at the higher end of its medium term range of 3% to 5%, on the back of a solid 2022.
The Amsterdam-based firm reported a 16.4% increase in sales in full-year 2022, driven by organic growth of 11.3%.
Adjusted EBIT was down 5.9%, and organically by 9.3%, as selling, general, and administrative expenses increased over the course of the year.
'More Productive And More Inclusive'
Commenting on its performance, Fabien Simon, CEO of JDE Peet’s, said that he was "very pleased" with the progress the group has made since introducing a new 'growth and purpose-led' strategy in March 2021.
“In spite of the challenging macro-economic environment, we are delivering on our commitments to build a stronger, more productive, and more inclusive enterprise," he commented.
"We kept high-quality standards for our consumers and customers, meaningfully reinvested in core assets, rebuilt employee pride and engagement, transformed from a laggard to a leader in ESG, while resuming cost competitiveness and achieving our financial commitments."
The group, which owns brands such as L’OR, Peet’s, Jacobs, Senseo, Tassimo, Douwe Egberts, OldTown, Super, Pickwick and Moccona, said that it plans to launch a fully-compostable capsule in 2032, in line with its sustainability commitments.
It also plans to ramp up its commitment to achieving net zero, having reduced scope 1 and 2 greenhouse gas emissions by 17% since 2020.
"Strengthening our fundamentals, our brands and our innovation capabilities elevates our growth trajectory and our ability to create a sustaining long-term shareholder return and societal value," Simon added.
© 2023 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.