Magnum upgrades sales outlook after hot European summer

Summarised from 3 outlets · Updated 29 Oct, 22:21 · Archive

The world's largest ice cream maker expects annual sales growth of 5.5%, up from previous guidance, boosted by summer heatwaves across Europe.

The Magnum Ice Cream Company has upgraded its annual sales outlook to 5.5% growth, compared with previous guidance of 3–5%, after benefiting from the extended summer across European markets. The Amsterdam-listed group, which was spun out from Unilever in December last year, reported 9.6% organic sales growth in the third quarter, with the hot weather accounting for around 2–3% of that increase.

The world's largest ice cream maker also benefited from strong demand for new products, including a new pistachio Magnum range, a 'reinvigorated' Solero and new Cornetto flavours. The group owns multiple brands including Ben & Jerry's, Wall's and Carte D'Or alongside Magnum itself. Chief executive Peter ter Kulve said: 'Sales of our leading brands have accelerated, powered by innovation. All regions continued to grow, including the US, our biggest market. Improved execution and operational rigour enabled us to capitalise on strong demand, especially in Europe, and win share.'

Price increases also contributed significantly to the group's growth figures. Price rises accounted for 2.2% of the 9.6% quarterly sales growth as the company sought to offset higher energy and oil prices. The outlets differ slightly on the previous sales guidance, with This is Money reporting it as 'about 5%' whilst the Independent and Evening Standard describe it as '3–5%'.

How it is being reported

• Magnum sales soar as demand for ice cream is boosted by the European summer heatwaveThe group, whose brands include Ben & Jerry's, Wall's and Cornetto, said sales rose 9.6% in the third quarter, with an 'extended summer' providing an extra 2%-3%.This is Money · 29 Oct, 22:00
• Hot summer helps Magnum scoop surge in salesThe group behind Magnum, Ben & Jerry’s and Cornetto now expects annual sales to grow by around 5.5%, compared with previous guidance for about 3-5%.Independent Business · 29 Oct, 12:42
• Hot summer helps Magnum scoop surge in salesThe group behind Magnum, Ben & Jerry’s and Cornetto now expects annual sales to grow by around 5.5%, compared with previous guidance for about 3-5%.Evening Standard · 29 Oct, 12:42

In this story: Magnum · Ben & Jerry's · Cornetto · Unilever · Peter ter Kulve · Amsterdam · Europe · United States

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log