Lindt says price increases pushed demand too far

Executive Chairman Ernst Tanner acknowledged the pricing mistake days after Lindt removed its chief executive following performance concerns. The company had tried to pass on historically high cocoa costs, but some consumers found its products too expensive.

Lindt shares have fallen more than 25% this year after outlook cuts. Tanner said the Americas and Far East were still on track for 6% to 8% growth, and the company has already lowered some prices while ruling out group-wide job cuts.