Swiss chocolate maker Lindt & Spruengli said it expected to further gain market share this year after consumers fighting Covid frustration with chocolate helped sales recover in the second half of 2020.
Eating and cooking at home during the pandemic, many consumers spent more on food and treated themselves to affordable luxuries like Lindt chocolate bars.
Organic sales fell 6.1% last year, the Zurich-based company said in a statement.
This was in line with company guidance for a 5-7% decline and implied a recovery in the second half after an 8.1% drop in the first six months of 2020.
The company said it gained market share in nearly all countries in which it is present and had laid the foundation for further market share gains.
"Lindt & Spruengli remains convinced that the positive growth of the chocolate markets and in particular the premium segment will continue in the future," the company said.
Lindt's biggest region, Europe, recorded an organic sales decline of 2.9% in the full year, an improvement over a drop of 4.9% in the half year, helped by growth in key markets like Germany and the UK.
Lindt & Spruengli said it would achieve its target of an operating profit margin of around 10% in 2020 and confirmed it expected organic sales to grow 5-7% in the mid to long term.