JDE Peet’s Reports Half-Year Results 2022

By: Alexis Rubinstein, Managing Editor - Coffee Network

Wed, 03 Aug 2022, 14:59

Alexis Rubinstein

Managing Editor

CoffeeNetwork (New York) – Today, JDE Peets has reported their financial results for half-year 2022.

Total reported sales increased by 19.7% to EUR 3,896 million. Excluding a positive effect of 3.7% related to foreign exchange and 0.3% related to scope and other changes, total sales increased by 15.7% on an organic basis. Organic sales growth was driven by 15.9% in price and stable volume/mix of -0.2%. In-Home sales increased by 12.0% and sales in Away-from-Home increased by 33.7%, on an organic basis.

Total adjusted EBIT decreased by 0.8% to EUR 631 million on a reported basis. Excluding the effects of foreign exchange and scope and other changes, the Adjusted EBIT decreased organically by 2.1%, as slightly higher gross profit was offset by increased investments in advertising, digital and emerging markets capabilities, which, in turn, was partially offset by lower promotions. The organic increase in gross profit was driven by ongoing cost discipline, simplification, revenue management and pricing to offset inflation.

Underlying profit - excluding all adjusting items net of tax - increased by 17.3% to EUR 523 million, supported by lower interest expenses as a result of deleveraging and lower average cost of debt, following the company's refinancing in 2021, as well as by a reduction of other finance expenses, a favourable impact from derivatives, and an increase in financial income.

CPG Europe
Organic growth of 5.3% was driven by an increase in price of 12.7% and a decrease in volume/mix of 7.4%. Volume performance reflects a high base of comparison as lockdown measures continued to be lifted, shifting part of consumption back to Away-from-Home channels, which benefited the Out-of-Home segment. In addition, volume was impacted by negative volume effects during retailer negotiations in certain markets, and by a somewhat lower level of promotions. The overall growth performance was broad-based across countries and brands, with notable strong performance in countries such as Germany, Poland and the Nordics and from brands including Jacobs and Gevalia. Reported sales increased by 5.5% to EUR 1,828 million, including a net positive effect of 0.2% from foreign exchange and changes in scope. Adjusted EBIT decreased organically by 17.9% to EUR 468 million in H1 22, due to lower volumes for the reasons explained above, as well as the timing of price increases. Based on a 3-yr CAGR, the organic adjusted EBIT growth was -0.9%.

CPG LARMEA
Organic growth of 45.2% was driven by an increase of 44.0% in price and 1.3% in volume/mix with notable strong performance in Brazil where recent portfolio optimisation in Roast & Ground for brands such as Caboclo, and the continued expansion in Capsules through L’OR, Pilao and illy, are fuelling growth. South Africa and Turkey delivered record growth driven by strong Jacobs activation, both in-store and online. Reported sales increased by 56.0% to EUR 695 million, including a positive foreign exchange effect of 11.4% as the main currencies in this segment appreciated against the euro. Adjusted EBIT increased organically by 57.8% to EUR 123 million in H1 22, which reflects a low base of comparison and was driven by higher pricing and operational leverage that was partially offset by higher operating expenses. Based on a 3-yr CAGR, the organic adjusted EBIT growth was 19.6%.

Peet’s
Organic growth of 12.9% was driven by an increase of 9.4% in price and 3.5% in volume/mix. In the U.S., most lockdown measures were lifted in the course of the first half of 2022, compared to the same period last year. As a result, Peet's' coffee retail stores in the U.S. delivered mid-teens growth in same-store sales, while its CPG business delivered high single-digit organic sales growth in H1, and low-teens organic sales growth on a 3-yr CAGR.

Growth in China remained very strong, despite lockdown challenges. Reported sales increased by 24.2% to EUR 525 million, which included a positive foreign exchange effect of 11.4%. Adjusted EBIT increased organically by 2.8% to EUR 60 million in H1 22, reflecting increased strategic investments to increase household penetration. Based on a 3-yr CAGR, the organic adjusted EBIT growth was 10.4%.

Out-of-Home
Organic growth of 39.9% was driven by an increase of 30.3% in volume/mix and 9.6% in price, with notable strong performance in countries such as Germany, The Netherlands and France and from brands including Douwe Egberts, Jacobs and Gevalia. The Out-of-Home segment significantly benefited from the continued lifting of lockdown measures in the first half of 2022. Reported sales increased by 38.5% to EUR 443 million, including a negative effect of -1.4% related to scope and other changes. The Out-of-Home segment substantially improved its profitability with an adjusted EBIT of EUR 53 million (compared to EUR 22 million in H1 21) as a result of operational leverage and various structural cost measures that have been implemented since the start of the pandemic.

CPG APAC
In the first half of 2022, various markets in this segment were either confronted with new lockdown measures and/or continued to be impacted by the aftermath of previous measures, which limited performance, most notably the recovery in the Away-from-Home business. Organic growth of 9.2% was driven by an increase of 9.7% in price and a limited decrease of 0.6% in volume/mix, with notable strong performance in countries such as Thailand and Malaysia and from brands including OldTown, Moconna and Super. Reported sales increased by 20.6% to EUR 390 million, which included a positive foreign exchange effect of 5.7% and a positive scope effect of 5.8% related to the Campos acquisition. Adjusted EBIT increased organically by 8.2% to EUR 67 million in H1 22, driven by higher pricing and operational leverage, which was partially offset by targeted marketing and other investments behind strategic growth opportunities. Based on a 3-yr CAGR, the organic adjusted EBIT growth was 15.2%.

Outlook 2022
JDE Peet's expects the business environment to remain volatile for the remainder of 2022 as input cost inflation, geo-political unrest and certain effects of the pandemic persist. Within this context, the company continues to expect to deliver double-digit organic sales growth, with disciplined pricing for inflation, while aiming for a stable level of gross profit compared to last year. The company will continue to invest in its people and strategic growth opportunities, while keeping a tight focus on other cost items, and expects to deliver free cash flow of at least EUR 1 billion.

Alexis Rubinstein

Coffee

This material should be construed as market commentary and represents the opinions and viewpoints of the author, and does not reflect tailored advice associated with any specific account.

The views are current only through the date stated and are subject to change at any time based upon market or other conditions, and StoneX Group Inc. (“SGI”) disclaims any responsibility to update such views. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. Past performance does not guarantee future results.

The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided.

References to certain OTC products or swaps are made on behalf of StoneX Markets, LLC (SXM), a member of the National Futures Association (NFA) and provisionally registered with the U.S. Commodity Futures Trading Commission (CFTC) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ and who have been accepted as customers of SXM.

StoneX Financial Inc. (SFI) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI is registered with the U.S. Securities and Exchange Commission (SEC) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Advisor. StoneX Financial (Canada) Inc. (SFCI) is registered in Canada and is a member of CIRO and CIPF. References to certain securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to certain exchange-traded futures and options are made on behalf of the FCM Division of SFI. Wealth Management is offered through SA Stone Wealth Management Inc., member FINRA/SIPC, and SA Stone Investment Advisors Inc., an SEC-registered investment advisor, both wholly owned subsidiaries of SGI.

R.J. O’Brien & Associates, LLC (RJO) is registered with the CFTC as a Futures Commission Merchant and is a member of NFA.

StoneX Financial Ltd (SFL) is registered in England and Wales, company no. 5616586. SFL is authorized and regulated by the Financial Conduct Authority (FCA) (registration number FRN:446717) to provide services to professional and eligible customers including: arrangement, execution and, where required, clearing derivative transactions in exchange traded futures and options. SFL is also authorized to engage in the arrangement and execution of transactions in certain OTC products, certain securities trading, precious metals trading and payment services to eligible customers. SFL is authorized and regulated by the FCA under the Payment Services Regulations 2017 for the provision of payment services. SFL is a category 1 ring-dealing member of the London Metal Exchange. In addition SFL also engages in other physically delivered commodities business and other general business activities which are unregulated and not required to be authorized by the FCA.

This communication is issued in the European Economic Area by StoneX Financial Europe GmbH (SFEG). StoneX is the trade name used by STONEX GROUP INC. and all its associated entities and subsidiaries. StoneX Financial Europe GmbH (“SFEG”) is a securities trading firm registered in Germany under Company No. HRB 80844.

StoneX APAC Pte. Ltd. (“SAP”) (Co. Reg. No 200616676W) is regulated as a Dealer (PS20190001002) under the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 for purposes of anti-money laundering and countering the financing of terrorism. SAP is an “Approved International Trading Company” authorized to act as a “Spot Commodity Broker” under the Commodity Trading Act.

StoneX Financial Pte Ltd (Co. Reg. No 201130598R) (“SFP”) is regulated by the Monetary Authority of Singapore and is a Capital Markets Service Licence holder (for dealing in capital market products), an Exempt Financial Adviser (for advising on investment products and issuing or promulgating analyses/ reports on investment products) and a Major Payment Institution (for domestic and cross-border money transfer services).

SFP may distribute analysis/report produced by its respective foreign affiliates within the StoneX Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations Recipients should contact SFP at (65) 6309 1000 for any matters arising from, or in connection with, this webinar.

StoneX Financial (HK) Limited (CE No.: BCQ152) (“SHK”) is regulated by the Hong Kong Securities and Futures Commission for Dealing in Securities and Dealing in Futures Contracts.

StoneX Financial Pty Ltd (ACN 141 774 727) holds an Australian Financial Service License (AFSL: 345646) for Dealing in Securities, Exchange-Traded Derivatives Contracts, OTC Derivatives Contracts and Foreign Exchange Contracts, and is regulated by the Australian Securities and Investments Commission.

StoneX Securities Co., Ltd. (“SSJ”) (Co. Reg. No 010401047199) is regulated by the Japanese Financial Services Agency as a Type-I Financial Instruments Business Operator (Kanto Local Finance Bureau (FIBO)No.291’), is a member of the Financial Futures Association of Japan for dealing and broking FX and FX Option transactions, and is a member of the Japan Securities Dealers Association for dealing and broking stock indices and option transactions.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. Past performance of any futures or option is not indicative of future success. Indicators are not a trading system and are not published as a specific trade recommendation. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

The report/analysis herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

Satellite view of Earth at night showing illuminated cities across Asia and the Middle East

Discover more insights

Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.

Explore subscriptions

Perspective: Morning Commentary for August 7

August 7 – The U.S. economy unexpectedly lost 23k jobs in July, dramatically below market expectations of an 80k increase and marking the worst Non-Farm Payrolls print since February. Furthermore, May and June were both revised sharply downward, with combined revisions showing 103k fewer jobs than previously reported. Outside of the healthcare sector, which added 22k jobs in July, the losses were very broad-based. Government payrolls saw the largest decline, shedding 53k jobs in July, the largest seen since October 2025, while June was revised down to show a loss of 10k jobs as well. The private sector at least saw growth, adding 30k jobs in July, now matching the month prior after it was revised down from the 49k initially reported, and substantially missing forecasts of 78k jobs being added. This is a sharp reversal in course from the largely better than expected U.S. labor data seen earlier this week.

Mike CastleFri, 07 Aug 2026, 13:26

Grains & Oilseeds
Energy
Dairy
Renewable Fuels
Cocoa
Coffee
Cotton
Sugar
Meats & Livestock
Forest Products

Daily Coffee Report 8/6/26

Daily coffee report

StoneX Coffee TeamFri, 07 Aug 2026, 00:34

Coffee

Perspective: Morning Commentary for August 6

August 6 – This morning’s stronger-than-expected U.S. labor data offered markets some relief, reinforcing confidence in the economy while giving the Fed greater flexibility to raise rates should inflationary pressures reaccelerate in next week’s July data. Stock futures are pointing to a mixed open to start the day, with the tech-heavy Nasdaq showing the most weakness. The VIX has fallen notably from yesterday’s spike above 18.4 as it starts the day hovering just below the 16-mark. The dollar is quietly higher as it trades just above 99.8, holding in the tight range seen thus far this week as traders continue to digest data to shape expectations for the Fed’s next move, which we’ll dive into in more depth below. Long-term treasury yields have relaxed slightly from their recent spike, with 30-year yields starting the day trading just above 5.19%, while 10-year yields trade above 4.64%, and 2-year yields sit below 4.22%. Crude oil is modestly higher to start the session after sharp declines earlier in the week, with nearby WTI up 1.8% to trade at $76.40 and nearby Brent up 2.4% to trade at $81.40. Meanwhile, the ags are quietly mixed to start the day.

Mike CastleThu, 06 Aug 2026, 13:24

Grains & Oilseeds
Energy
Dairy
Renewable Fuels
Cocoa
Coffee
Cotton
Sugar
Meats & Livestock
Forest Products

StoneX: We open markets

Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.

Reach

With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.

Transparency

As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve, our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.

Expertise

From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.