Italian confectionery giant Ferrero Group has reported consolidated turnover growth of 8.9%, to €18.4 billion, in its 2023/24 financial year.
Ferrero noted that ongoing innovation in product development, especially within the ice-cream, biscuit and confectionery bar categories, enabled further expansion across its entire product range.
Despite a challenging economic climate marked by fluctuating raw-material costs and inflation, Ferrero attributed the good performance to its employees, brands, and business model.
The company also highlighted its global reach, with 37 production facilities and a workforce of around 47,517 people.
Annual Highlights
The CFO of Ferrero, Daniel Martinez Carretero, added that the company continued to focus on innovation and catering to the evolving needs of consumers.
The company boosted capital by 18% in the financial year, to €958 million, as it focused on locations like the US, Italy, Germany and Chile.
Some key initiatives during the year included the launch of Nutella ice cream, the first packaged ice cream under the Nutella brand, which drove growth in the ice-cream category; expansion of the biscuit category, with Kinderini in key markets; and the introduction of Eat Natural cereal bars and Fulfil protein bars in new European markets.
Ferrero also invested in boosting production capacity, opening its first US chocolate-processing plant in Illinois, which produces chocolate for Ferrero’s leading brands in North America, including Kinder, Ferrero Rocher, Butterfinger and Crunch, and a new production plant for Kinder Bueno.
It also upgraded its production plant in Stadtallendorf, Germany, and expanded hazelnut processing in Chile.
Turnover Growth In Italy
Ferrero Commerciale Italia, responsible for sales and marketing in Italy, saw a 3.5% increase in turnover, reaching €1.82 billion.
This growth was driven by successful product launches like Kinder Kinderini biscuits, Nutella Gelato and Nutella Croissant, along with the continued strong performance of Fulfil and chocolate products.
Ferrero Industriale Italia, which handles production, also experienced growth, with turnover going up by 6.8%, to €860.7 million, while investments reached €98 million.
