Long summer helps Amsterdam-based Magnum Ice Cream Company boost sales

The Magnum Ice Cream Company reported higher ice cream sales in the latest quarter compared with the same period last year, citing the long European summer as one of the factors behind the increase. The Amsterdam-based company, which owns brands including Magnum, Cornetto, and Ben & Jerry’s, has also upgraded its growth outlook for the rest of the year.

The Magnum Ice Cream Company’s revenue climbed by more than 12 percent year-on-year to 2.5 billion euros in the third quarter. Underlying sales growth, which excludes factors such as currency fluctuations, reached 9.6 percent, largely thanks to an increase in the number of ice creams sold.

Sales volumes rose by more than 7 percent in July, August, and September, while prices increased by 2.2 percent. Turkey, France, the UK, and Mexico were Magnum’s strongest markets for growth.

Meanwhile, Ben & Jerry’s reported a 9 percent increase in revenue. “Sales of our leading brands have accelerated thanks to innovation,” CEO Peter ter Kulve said. He highlighted Magnum’s pistachio ice cream as a particularly strong performer.

The Magnum Ice Cream Company has raised its full-year revenue growth forecast to 5.5 percent, up from its previous projection of 3 to 5 percent.

Ter Kulve said the company's productivity program remains on track to generate 500 million euros in savings by 2028. “It helps us absorb rising costs caused by inflation and creates room to continue investing in our brands, our capabilities, and our future growth,” he said.

The Magnum Ice Cream Company separated from Unilever last year to operate as an independent ice cream business. Unilever has been shifting its focus toward personal care and beauty products, selling several of its food brands in recent years as part of that strategy.