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In spite of withdrawing from the US, the business added that it enjoyed notable strength in the UK, with its multichannel sales driving growth of 35% against 2021 figures.Īngus Thirlwell, Co-Founder and Chief Executive Officer, said: “The Hotel Chocolat brand is achieving very strong growth in the UK, and we are pleased to have beaten sales expectations and expect to meet underlying profit expectations for FY22. It noted that this would in turn lead to lower profit projection for 2023. It said that in response to the changed global climate, investment levels in the US and Japan would be ‘materially reduced,’ with ongoing investment limited to essential working capital only.
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It identified core areas of growth including VIP loyalty and digital operations, as well as its Velvetiser hot chocolate system and Velvetised chocolate cream alcohol continue.
#Hotel chocolat usa full
The company said the second half of its year showed robust growth of 32%, against stronger comparatives in Q4 FY21 following the end of “lockdowns.”ĭespite this, the company said that while underlying profits were in line with expectations, its full year profits were expected to post a loss associated with the cost of discontinuing its retail stores in the US.įurthermore, the company added that it had raised £40m of new equity in July 2021 to support growth investments, with its board now seeking to ‘de-risk’ its activities, focusing on lowest-risk strategies with the greatest potential for further increased profitability.
#Hotel chocolat usa update
In its latest trading update covering the 52-week period ending 26 June, the company said that its total group revenues in fact increased by 37% to £226m (FY21: £165m), ahead of market consensus expectations. However, with ongoing economic uncertainties, including notable increases in ingredient sourcing, the business has hit notable headwinds in the US, where it reportedly intends to continue operating online. The Hotel Chocolat group has reportedly suffered a share drop of more than 40%, as it opted to withdraw from its US confectionery stores amid challenging trading conditions, reports Neill Barston.Īccording to the company’s latest trading update, despite recording strong UK results, the business has incurred £23 million of costs relating to its Japanese joint venture, along with £3 million linked to closing its four retail outlets based within America, where the business had previously been experiencing an upturn that led to its expansion in the region.