(Reuters) – Chocolate maker and cocoa processor Barry Callebaut on Wednesday reported lower-than-expected first-quarter sales, hit by price negotiations between buyers and sellers and delayed orders amid record high cocoa prices.
A group based in Switzerland, which supplies chocolate to Unilever (LON:) Magnum ice creams that are soon to be separated and Nestlé (NSE:)’s KitKat bars, said its sales volume fell 2.7% to 565,000 tonnes in the quarter ended Nov. 30, compared with analysts’ forecasts of 568,000 tonnes and the company’s consensus.
The company said it expects its full-year sales volume to fall by a low single-digit percentage. It previously said it expects cocoa sales to be flat for the fiscal year, as the commodity trades at around £8,700 ($10,737.54) per metric ton in London.
It also said it was issuing bonds worth 300 million Swiss francs ($331 million) to address high costs and provide liquidity.
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