Nestlé posts 2.1 per cent sales drop in first quarter
Swiss food giant Nestlé said yesterday first quarter sales fell 2.1 per cent to 25.2 billion Swiss francs (€16.7 billion), hit by negative currency exchange rates. The group said the strength of the Swiss francs in relation to other currency led to a...
Swiss food giant Nestlé said yesterday first quarter sales fell 2.1 per cent to 25.2 billion Swiss francs (€16.7 billion), hit by negative currency exchange rates.
The group said the strength of the Swiss francs in relation to other currency led to a negative impact of 5.2 per cent in sales.
Nevertheless, Nestlé confirmed its full year target of around five per cent in organic growth.
To cope with "challenging economic environment in 2009", the group said it is strengthening cost efficiencies, innovation and product affordability. "The increasing momentum from such initiatives, as well as the strength of our brands and our worldwide geographic presence, enables me to confirm our guidance for this year as a whole," said chief executive officer Paul Bulcke.
The group said the strength of the Swiss francs in relation to other currency led to a negative impact of 5.2 per cent in sales.
Nevertheless, Nestlé confirmed its full year target of around five per cent in organic growth.
To cope with "challenging economic environment in 2009", the group said it is strengthening cost efficiencies, innovation and product affordability. "The increasing momentum from such initiatives, as well as the strength of our brands and our worldwide geographic presence, enables me to confirm our guidance for this year as a whole," said chief executive officer Paul Bulcke.