Nestle sales fall on strong franc
Swiss food giant Nestle said Friday its first quarter sales fell 9.3 per cent to 20.3 billion francs (15.7 billion euros, $22.7 billion), hit by the strong Swiss franc and costs arising from its sale of eyecare group Alcon.
 |
| illustration photo |
"Sales were impacted by -9.8 per cent from foreign exchange and by -5.9 per cent from divestitures net of acquisitions," the group said in a statement.
The world's biggest food company also noted that the first three months of the year was marked by "high-impact events ranging from civil unrest and natural disasters to extreme volatility in raw material prices."
Nevertheless, Nestle said it would be able to meet its full year target of organic growth of between 5 and 6 per cent.
The group reported in February that its 2010 net profits more than trebled to 34.2 billion francs on the sale of eyecare group Alcon to Swiss pharmaceutical group Novartis.
What the stars mean:
★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional
Latest News
More News
- Cooperation vital to tackle shipping rates (August 12, 2024 | 18:00)
- MSD Vietnam’s empowering workplace (August 12, 2024 | 16:43)
- Vietnam a pivotal market for Thomson Medical Group (August 12, 2024 | 16:39)
- MUFG Bank, Ltd., Ho Chi Minh City Branch officially moved to The Nexus (August 12, 2024 | 14:35)
- Practical solutions appropriate regarding sugary drinks (August 12, 2024 | 11:00)
- Excise tax change to be considered carefully for all (August 12, 2024 | 11:00)
- Deputy PM wants renewed efforts on preventing trade fraud, smuggling, counterfeit goods (August 09, 2024 | 10:24)
- Int’l woodworking machinery expo opens in Binh Duong province (August 09, 2024 | 10:16)
- Banking policies negatively impact Vietnam's economy (August 09, 2024 | 09:00)
- FrieslandCampina awarded for its sustainable development (August 08, 2024 | 19:00)
Mobile Version