Coffee Service
JDE Peet’s boosts 2022 results, anticipates growth for 2023
February 23, 2023
JDE Peet's, which is owned by JAB Holdings and owns Peet's Coffee, Douwe Egberts, Jacobs and other brands, lifted its 2022 sales and underlying profit over the prior year and anticipates continued growth in 2023, according to a press release.
Highlights include:
- Sales increased by 16.4%, from €7 billion ($7.41 billion) to €8.15 billion ($8.63 billion). Excluding a positive effect of 4.7% related to foreign exchange and 0.3% related to scope and other changes, total sales increased by 11.3% on an organic basis.
- Underlying profit rose 4.1%, from €899 million ($951.61 million) to €936 million ($990.77 million).
- Basic EPS rose 2.6%, from €1.53 ($1.62) to €1.57 ($1.66), while underlying EPS rose 6.3%, from €1.79 ($1.89) to €1.91 ($2.02).
- CPG Europe sales rose 1.9%, from €3.57 billion ($3.78 billion) to €3.64 billion ($3.85 billion).
- Peet's sales rose 26.3%, from €903 million ($955.84 million) to €1.14 billion ($1.21 billion).
- Out-of-home sales rose 25.7%, from €723 million ($765.31 million) to €908 million ($961.14 million).
- CPG for Latin America, Russia, the Middle East and Africa rose 48.1%, from €1.09 billion ($1.15 billion) to €1.62 billion ($1.71 billion).
- CPG Asia Pacific rose 19%, from €684 million ($724.03 million) to €814 million ($861.64 million).
Shares traded at $29.70 today against a 52-week range of $27-$33.62.
The full-year revenue of €8.15 billion ($8.63 billion) was in line with analyst expectations, while the EPS of €1.57 ($1.66) missed expectations by 6.8%, according to Yahoo Finance.
"In 2022, we delivered double-digit sales growth, increased our absolute gross profit, delivered strong free cash flow and higher EPS, while increasing investments to support our long-term growth ambition in areas such as marketing, innovation, digital commerce, emerging market capabilities and sustainability," CEO Fabien Simon said in the press release. "Consequently, we are emerging stronger for 2023, with an elevated growth portfolio, a competitive market share position, a well-invested business and a more productive and very engaged enterprise."
For 2023, JDE Peet's aims to achieve organic sales growth at the high end of its medium-term range of 3% to 5%.
