Company news and results
Lindt, the chocolate company that has performed so well that its shares trade above CHF 100k, reported its full-year 2021 sales:
In the financial year 2021, Lindt & Sprüngli achieved strong double-digit growth in an economically challenging year impacted by the Corona pandemic. Group sales increased to CHF 4.59 billion, which corresponds to a remarkable growth in Swiss francs of 14.2% (13.3% organic). All regions contributed to this result, with Lindt & Sprüngli once again gaining market shares in all key countries
In 2022, they expect to grow “in line with the unchanged medium / long-term target of 5-7% p.a. with an operating profit margin of 15%”.
Richemont reported sales up +32% in Q3. The key Jewellery Maisons division was up +38%. On a 2-year stack basis that is a +57% growth.
The stellar 57% sales progression at the Jewellery Maisons, comprised of Buccellati, Cartier and Van Cleef & Arpels, was broad-based across product lines and price points. Sales grew double digits in all regions and across all channels. Reaping the benefits of prior investments and client-centric activities, the Specialist Watchmakers saw sales increase by 20%, with double-digit growth in most regions and watch Maisons.
Burberry same-store sales rose 7% in the third quarter. They expect current fiscal year operating profit to grow in the region of +35%. The new CEO Jonathan Akeroyd is joining ahead of schedule.
ASML reported its Q4 and full-year 2021 results. Net sales rose to €18.6 billion in 2021, at 52.7% gross margin. Net income was €5.9 billion. In 2022, they expect net sales growth of around 20%. €2bn of expected revenues are expected to shift from the first quarter to subsequent quarters:
ASML expects first-quarter net sales between €3.3 billion and €3.5 billion with a gross margin of around 49%. ASML expects R&D costs of around €760 million and SG&A costs of around €210 million. The lower net sales guidance for the first quarter is due to a significant number of fast shipments, translating to approximately €2 billion of expected revenue shift from the first quarter to subsequent quarters.
The UK pub company JD Wetherspoon issued a trading update. Omicron = less beer:
Sales in the second quarter were affected by the “Plan B” restrictions announced by the government in December. In the 12 weeks to 16 January 2022, like-for-like sales decreased by 15.6% and total sales by 16.6%
Omicron had also an impact on Primark’s owner AB Foods:
Sales in our UK stores were well ahead of last year. Like-for-like sales were 10% below two years ago and improved on the final quarter of our financial year 2021. Trading was impacted by a decline in footfall as a result of the rapid rise in Omicron cases but has improved in recent weeks.
Puma reported sales growth of approx. 14% in Q4 2021 and approx. 32% in the full year.
The renewable energy company Siemens Gamesa warned on its results - for the third time in nine months:
In the first quarter of the financial year 2022, performance was negatively impacted by supply chain related disruptions, which are now expected to last longer than previously anticipated, further affected by the continued impact of the COVID-19 pandemic. These supply chain tensions have resulted in higher than expected cost inflation, mainly affecting our Wind Turbine (WTG) segment. Also, volatile market conditions have impacted some of our customers’ investment decisions and, as a consequence, resulted in delays to some of our projects.
Deals and IPO
Volkswagen's Battery Division Might Be Listed In An IPO (link)
Unilever CEO Misses Out on Advil Just as He May Need It (link)
UCB buys rare disease drugmaker Zogenix for up to $1.9B, bolstering its epilepsy position (link)
Siemens sells Yunex Traffic to Atlantia for US$1.1bn (link)
Ibercaja plans to list its shares on Madrid stock market in Feb, source says (link) (value rotation in the IPO market? 😀)
Once again, I loved the material you posted Paul, great job!