Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 47,246.00	Kcq	Lklwpldrj

Lindt & Spruengli 2015 Sales Disappoint on Tough Trading; Shares Materially Overvalued

Adam Kindreich

Jan 14, 2016

Narrow-moat Lindt & Spruengli reported disappointing full-year 2015 sales, implying a sharp slowdown in growth between the two halves of the year, which is imputable to tougher trading conditions. After hitting 9.4% in the first half, organic sales growth slumped to around 5% in the second half. Full-year growth of 7.1% is still within the company's forecasts of 6%-8%.

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