Swedish confectioner Cloetta has said it is looking to offload its non-confectionery products as it reported a fall in annual profits.
The company, which posted an 18% drop in earnings, said it was working with a sales company to sell its non-confectionery products.
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CEO Curt Petri said the year has been characterised by “unusually large fluctuations”.
“In the first quarter we posted higher sales and a slight improvement in profit. In the second quarter we were challenged by a tougher market that resulted in significantly lower sales and earnings”, he said.
“The third and fourth quarters brought a continued decrease in sales but a somewhat higher profit.”
He said that earnings were hit by “aggressive” competition in the grocery retail trade and lower income from products manufactured on contract.
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By GlobalData“With a full-year profit that is clearly below our ambitions, we are making continued changes in our positioning, establishing new partnerships, pursuing a number of efficiency improvement projects and developing our business together with the customers”, Petri added.
Cloetta produces confectionery brands including Kexchoklad, Center, Tarragona, and Bridge. It has two production units in Sweden.
