|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||5,290.00 - 5,375.00|
|52 Week Range||4,877.00 - 5,985.00|
|PE Ratio (TTM)||3.04|
|Dividend & Yield||58.38 (1.01%)|
|1y Target Est||N/A|
Swiss chocolate maker Lindt & Spruengli cut its 2017 revenue growth forecast on Tuesday after another weak performance in North America, where a revamp of its Russell Stover business is proving tougher than expected. Chief Executive Dieter Weisskopf attributed problems in the key U.S. market to difficulties transforming Russell Stover and the changing nature of retail channels as online sales gain importance and drug store outlets adapt to growing demand for healthier snacks.
In his last few months as chief executive, Lindt & Spruengli veteran Ernst Tanner wants to bring the Swiss chocolate maker's trailing U.S. business Russell Stover up to speed. The brand, famous in the United States for its Whitman's sampling boxes, has weighed on the performance of Lindt since it was bought in 2014. In Lindt's half-year results reported on Friday, overall sales growth was squeezed to 4.4 percent from 6.6 percent when Russell Stover was taken into account.
Lindt & Spruengli said on Tuesday it would focus on profitability at its Russell Stover business in the United States, which will mean trimming some products and sales promotions. Lindt bought the Missouri-based Russell Stover in 2014, a deal which made the Swiss premium chocolate maker the third biggest the U.S. market, behind Hershey and Mars. The $1.5 billion acquisition cemented North America as Lindt's largest market, accounting for just shy of half of 2015 group revenues, or about $1.6 billion, up from $943 million before the purchase.