A well-established coffee company better known as “JDE Peet”, based in Amsterdam (Netherlands), has reported having been generating revenues that were far better than expected and profits that exceeded their expectations for the first half of 2021.
This was surprisingly shocking considering the pandemic had taken a hard hit on such industries and businesses, and this is a time still regarded as one where a steady yet relatively slow recovery is taking place. While the coronavirus pandemic is easing in certain areas, it is not particularly enough to have as impactful of a consequence as it did in the case of JDE Peet’s.
To put into perspective why this has been a milestone within the sector, the revenues being referred to earlier on were 3.25 billion euros, which was an increase from the 3.24 billion generated in the year prior, this is a 0.01 billion increase in profit despite a greater risk of contagion and the virus, having become deadlier, has made the customers hesitant.
However, it is pertinent to mention that the adjusted operating profit (EBIT) was 636 million euros, which is a decrease from 642 million, which the company said was due in part to unfavorable exchange rates.
In a company compiled poll, analysts noted revenues at 3.28 billion and EBIT at 610 million euros, and while there is a clear alteration in its expectations and result, the company stated in March of 2021 that it awaited an organic sales growth of 3% to 5% for the full year and a “single-digit” increase in adjusted EBIT, through a formal forecast it put out. And while this was not exactly the case, the product is still one for the books.