Lindt & Sprüngli with double-digit organic sales growth and a further margin improvement

Sample article from our Food & Beverage

KILCHBERG, Switzerland , March 5, 2024 (press release) –


Media release financial year 2023 | Ad hoc announcement pursuant to Art. 53 LR 

  • Double-digit organic sales growth of +10.3% to CHF 5.20 billion
  • Operating profit (EBIT) margin increases from 15.0% to 15.6% to CHF 813.1 million
  • Increase of net income by +17.9% to CHF 671.4 million (12.9% of sales); excluding one-time tax impact to CHF 601.7 million (11.6% of sales)
  • Free cash flow of CHF 476.8 million (9.2% of sales)
  • Dividend increases by CHF 100 to CHF 1,400 per registered share and by CHF 10 to 
    CHF 140 per participation certificate 

Kilchberg, March 5, 2024 – Lindt & Sprüngli Group’s business model once again proved to be very successful in the financial year 2023, with double-digit organic sales growth for the third consecutive year. Despite a slowdown in the global chocolate market, the Group is able to report a moderate volume/mix growth. Most of the growth is attributable to price increases as a result of higher raw material prices and inflationary pressure on other cost items. This led to Group sales of CHF 5.20 billion and an EBIT margin of 15.6%. The global bestseller Lindor remains the most important product line. 

Operating result
Chocoladefabriken Lindt & Sprüngli AG achieved sales totaling CHF 5.20 billion (previous year: CHF 4.97 billion) in the fiscal year 2023, marking a robust organic growth of 10.3%. Currency effects, in particular the weakening of the US dollar and the Euro, led to a lower growth figure in Swiss Francs of 4.6%. Operating profit (EBIT) saw a significant rise of 9.2% year-on-year, reaching CHF 813.1 million (previous year: CHF 744.6 million). This results in an EBIT margin of 15.6%, (previous year:15.0%). Net income also showed a notable increase, climbing to CHF 671.4 million (previous year: CHF 569.7 million), resulting in a return on sales of 12.9% (previous year: 11.5%). This includes a one-time impact on taxes; excluding this one-time tax impact, the net income would have increased by +5.6% to CHF 601.7 million (11.6% of sales). Free cash flow stood at CHF 476.8 million, with a cash flow margin of 9.2%. The Group’s balance sheet remains solid. As of December 31, 2023, the equity ratio was 54.2% (previous year: 55.4%).

Europe: continued healthy growth
The “European” segment, the region with the highest sales, posted sales of CHF 2.41 billion (previous year: CHF 2.30 billion). The region grew organically by 9.1%, with double-digit growth in many European markets, including Switzerland, Italy, the UK, and Eastern Europe. The Group also generated solid growth in Germany and France. 

North America: consolidated its position as market leader in the premium segment
In 2023, the “North American” segment increased sales to CHF 2.11 billion (previous year: CHF 2.03 billion), with an organic growth of 11.0%. Lindt & Sprüngli is gradually expanding its presence in the USA, the world’s largest chocolate market. In the USA, the focus remains on the premium segment, which is served by the global brand Lindt and our local premium brands Ghirardelli and Russell Stover. Lindor remains the bestseller. The Lindt and Ghirardelli brands once again recorded double-digit growth rates during the reporting period. Russell Stover, which celebrated its 100th anniversary in 2023, posted mid-single-digit growth.

Rest of the world: ongoing strong growth
In the “Rest of the World” segment, sales increased to CHF 0.68 billion (previous year: CHF 0.65 billion). Organic growth was 12.9%. Business was particularly strong once again in Japan and Brazil, with Australia maintaining its position as the country with the largest sales revenue in this segment. Following the easing of Covid measures the Chinese economy recovered slowly, nevertheless, our business achieved a high single-digit growth, outperforming the stagnating Chinese chocolate market. The Group remains confident that the Chinese market will continue to develop in the years to come.

Dynamic development in our Global Retail business
Global Retail, where Lindt & Sprüngli operates shops and e-shops under the Lindt, Ghirardelli, and Russell Stover brands, made significant gains in the reporting year. Sales in the shops posted double-digit organic growth in all market regions (overall 16.5%). On the one hand, this can be attributed to higher sales by the individual shops while on the other hand, the Group opened new shops in the course of the year. By the end of the year, the Lindt & Sprüngli Group had 523 shops worldwide. 
The Global Travel Retail business, where Lindt products are sold in duty-free shops, returned almost to pre-Covid levels; this distribution channel benefited from the return to high passenger numbers. Organic sales grew by 20.1%. This is partly explained by base effects, especially as the business was still suffering from Covid restrictions in the first quarter of 2022.



Further increase in dividend

Based on the positive results, Lindt & Sprüngli will continue its attractive dividend policy. The Board of Directors will propose a distribution to the 126th Ordinary Annual General Meeting of April 18, 2024, of CHF 1,400 (previous year: CHF 1,300) per registered share and CHF 140 (previous year: CHF 130) per participation certificate. 
A buyback program of registered shares and participation certificates of CHF 1 billion was launched in 2022. Registered shares and participation certificates to the value of CHF 0.85 billion had been repurchased by December 31, 2023.

Lindor continues to perform strongly and new product innovation introduced 
The trend towards gifting, pralines, and hollow figures continued. The Group is benefiting from the higher added value of these product lines. Lindor Pralines, Lindt & Sprüngli’s most important product line, continued to shine in 2023 with another double-digit growth in all regions. The product line with its irresistible smooth-melting filling celebrates its 75th anniversary in 2024. In the USA, Lindt & Sprüngli introduced non-dairy Lindor Oatmilk truffles. In addition to that, the Group once again launched various innovations on the market, for example, the new Choco Wafer in the UK, Italy and Bulgaria.  

Sustainability: Lindt & Sprüngli Farming Program expanded
In 2023, Lindt & Sprüngli expanded its responsible sourcing activities. The Group sourced 72.3% of its cocoa, which includes beans, butter, powder, and chocolate mass, through its own Farming Program or other sustainability programs. By 2025, our target is to achieve 100%.
The Program aims to increase the income of farming households and to contribute to the conservation of biodiversity and natural ecosystems. The program is also designed to address and, if possible, prevent child labor in the cocoa supply chain. Furthermore, Lindt & Sprüngli is committed to achieving near- and long-term science-based climate targets and reaching net-zero greenhouse gas emissions across the value chain by 2050. The Science Based Targets Initiative (SBTi) validated Lindt & Sprüngli’s targets in 2023. 

The Board of Directors has also anchored the importance of sustainable business practices in the remuneration model of Group Management. Its bonus is now linked to achieving selected sustainability goals. The Board of Directors also expanded Group Management by the addition of Nicole Uhrmeister as the new Chief Human Resources Officer acknowledging the importance of our employees and corporate culture.

In an uncertain economic and political situation, Lindt & Sprüngli is very confident that the Group will be able to pursue its successful strategy and is convinced that the long-term trend towards premium products will continue. Despite its hedging strategy and higher inventories, the price hike in cocoa (2023: +62%, and currently in 2024 >+40%) will require further price increases in 2024 and 2025, assuming that cocoa prices remain at current levels. For 2024, Lindt & Sprüngli is confirming its strategic target for organic growth of 6 to 8% as well as an improvement in the operating margin of 20 to 40 basis points, in line with the medium to long-term target range defined for the Group.

Presentation of the 2023 financial year: 
Adalbert Lechner, Group CEO, and Martin Hug, Group CFO of the Lindt & Sprüngli Group, will present the results at a media conference with webcast on Tuesday, March 5, 2024, at 10:00 a.m. CET. Please register here at least 15 minutes before the start to watch the presentation live: 

Links to Annual Report 2023 & Sustainability Report 2023: 
Annual Report 2023
Sustainability Report 2023

Next publication: Half-year figures 2024 on Tuesday, July 23, 2024, 7:00 a.m.

Media Contact | +41 44 716 22 33 |    

Investors' Contact | +41 44 716 25 37 |  

About Lindt & Sprüngli

Lindt & Sprüngli has been enchanting the world with chocolate for over 175 years. The traditional Swiss company with its roots in Zurich is a global leader in the premium chocolate category. Lindt & Sprüngli produces quality chocolates today at its 12 own production sites in Europe and the USA. They are sold by 36 subsidiaries and branch offices, as well as via a network of more than 100 independent distributors around the globe. In addition, Lindt & Sprüngli runs around 520 own shops. With more than 14,500 employees, the Lindt & Sprüngli Group reported sales of CHF 5.2 billion in 2023. Our commitment to contributing to a more sustainable tomorrow is a key element driving the company’s actions and ambitions. For the responsible sourcing of its most important raw material cocoa, the company launched its own program in 2008: the Lindt & Sprüngli Farming Program.  


* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo
Dan Rivard
Dan Rivard
- VP Market Development -

We offer built-to-order food & beverage coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

This website stores cookies on your computer. These cookies are used to improve your website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy. We won't track your information when you visit our site. But in order to comply with your preferences, we'll have to use just one tiny cookie so that you're not asked to make this choice again.