The Ferrero Group, through its holding company Ferrero International SA, has approved the Consolidated Financial Statements for the 2023/2024 financial year, as of August 31, 2024. The Group closed the financial year with a consolidated turnover of 18.4 billion euros, up 8.9% compared to the previous year's turnover, continuing the growth strategy led by Executive Chairman Giovanni Ferrero , and executed by Chief Executive Officer Lapo Civiletti .

The 2023/2024 financial year was once again characterized by a challenging economic environment with volatile commodity prices and continued inflationary pressures. Despite this, the Ferrero Group continued its strong growth thanks to the resilience of its people, its brands and its business model. Ferrero maintains its global presence, with 37 production plants, closing the financial year with a global workforce that reached 47,517 employees as of August 31, 2024.

“We are pleased to report another year of growth for the Group, despite the ongoing turbulence that the industry is facing,” said Daniel Martinez Carretero , Chief Financial Officer of the Ferrero Group. “Although the economic environment remains challenging, our brands and products continue to perform strongly. This is a testament to how we continue to innovate our products to meet the changing needs of our consumers. To drive this innovation and increase our production capabilities, this financial year has seen an increase in capital expenditure of 18% compared to the previous period.”

Product innovation, particularly in ice cream and biscuits, enabled further expansion across all categories. Highlights of the financial year included the launch of Nutella Ice Cream, the first packaged ice cream under the Nutella brand, which drove growth in the ice cream category; and further expansion in the biscuit category, with the launch of Kinderini in key markets.

This is in addition to the successful launch of the Eat Natural and Fulfil brands in additional European markets, catering to changing consumer trends and the growth of the better-for-you category. In order to support geographic and portfolio expansion, the group announced an increase in its production capacity.

There is also news on the industrial front, with the opening of the first chocolate processing plant in the United States. The new 70,000-square-foot facility in Bloomington, Illinois, produces chocolate for Ferrero's leading brands in North America, including Kinder, Ferrero Rocher, Butterfinger and Crunch, and houses a new Kinder Bueno production facility. Also of note is the modernization of the historic production facility in Stadtallendorf, Germany, and the expansion of hazelnut sourcing and processing capacity in Chile.

"The Group's long-term growth strategy - the press release concludes - continues to be driven by our commitment to sustainability and to having a positive impact along the entire value chain".