Jan 16 Reuters Swiss chocolate maker Lindt Spruengli reported a 10.3 rise in 2023 organic sales on Tuesday, as the postCOVID recovery in travel generated demand for higher value products such as pralines.

Lindt39;s shares rose by around 5, on track for their biggest daily increase since July 2022.

The maker of Lindor balls and gold foilwrapped teddy bears attributed most of the growth to higher prices used to offset elevated raw material costs, especially for cocoa.

Overall sales reached 5.20 billion Swiss francs 6.06 billion in 2023, up 4.6 when accounting for currency effects. This was slightly above analysts39; forecasts of 5.18 billion, according to LSEG data.

Lindt blew it out of the park, Kepler Cheuvreux analyst Jon Cox said. He said the market had braced for a miss given weaker confectionery volumes and reports of a soft sell out at retailers during the holiday season.

Cox added the company benefited from its Lindor Pralines and innovation in the premium segment.

Lindt said Lindor Pralines, its most important product line, recorded doubledigit percentage growth in all regions last year.

Within the product mix, the trend towards gifting, pralines, and hollow figures continued, it said, adding the group was benefiting from the higher added value of these products.

Lindt said customer presence in its stores and travel retail business also increased, boosted by growth in tourism after the end of COVIDrelated restrictions.

Vontobel analyst Jean Philippe…