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March 9, 2021, 2:32 a.m. EST

JDE Peet's profit, sales fall; sees growth in 2021

By Adria Calatayud

JDE Peet's NV said Tuesday that net profit and sales for 2020 both fell and that it expects organic sales and adjusted earnings growth for the year ahead.

The Dutch coffee and tea maker made a net profit for last year of 308 million euros ($364.8 million) compared with EUR424 million a year earlier, it said.

Full-year sales fell 4.2% to EUR6.65 billion. On an organic basis, sales for the year declined 0.2%.

The company--which houses the Jacobs, Peet's, L'OR, Senseo, Tassimo and Ti Ora brands among its portfolio--said adjusted earnings before interest and taxes were up 1.9% at EUR1.28 billion, or up 6.2% on an organic basis.

Analysts expected JDE Peet's to report an adjusted EBIT of EUR1.29 billion on sales of EUR6.68 billion, according to consensus figures provided by the company.

JDE Peet's said it expects organic sales growth of between 3% and 5% this year, assuming a moderate recovery in the away-from-home channel. Organic adjusted EBIT is expected to grow in the low single-digit range, taking into account catch-up investments for growth, the company said.

The board proposed a dividend of EUR0.70 a share in cash for 2020

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