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AMSTERDAM (Reuters) - Coffee company JDE Peet s reported a fall of 4.2% in annual sales on Tuesday as the impact of lost sales in cafes due to the COVID-19 pandemic outweighed a boom in home-use products.
Sales of the owner of the Douwe Egberts, Peet s Coffee and Jacobs brands dipped to 6.65 billion euros ($7.89 billion) for 2020, just below the 6.68 billion seen in a company-compiled poll of analysts.
Adjusted operating profit (EBIT) rose 1.2% to 1.28 billion euros.
For 2021, the company forecast organic sales growth of 3%-5% in 2021, as its away-from-home businesses recover, with a single digit increase in adjusted EBIT.
Reflecting the impact of the pandemic, sales of packaged coffee products usually sold in grocery stores, its largest business, rose 7% in Europe, its largest market. Meanwhile sales of Out of Home coffee consumed in cafes, offices and schools, fell by 32%.
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