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Peet’s Coffee posted 1% sales growth in 2023 to reach €1.1bn ($1.2bn) | Photo credit: Peet’s Coffee
JDE Peet’s has reported modest group sales growth last year driven by stronger revenues in Europe and its US-based Peet’s Coffee business, but saw its margins squeezed due to high inflation and the reorganisation of its operations in Russia.
The JAB Holding-backed coffee group achieved 0.5% sales growth in the 12 months ending 31 December 2023 to reach €8.2bn ($8.8bn), with adjusted EBIT up 1% to €1.1bn ($1.2bn).
Its European segment, which accounts for more than 70% of total revenues, achieved 4% sales growth to €4.7bn ($5.1bn), driven by an average 6% price increase and strong performances in France, Switzerland and most eastern European markets.
Peet’s Coffee posted 1% sales growth in 2023 to reach €1.1bn ($1.2bn), which it attributed to increased ticket price across its 400 stores across the US, China and the Middle East, as well as strong consumer packaged goods (CPG) sales.
However, the business reported a 7% fall in LARMEA (Latin America, Russia, Middle East and Africa) sales to €1.5bn ($1.6bn) alongside a 3% decline in Asia Pacific to €791m ($856m).
