Nestlé sales tumble in first quarter
Swiss food giant Nestle said Friday its first quarter sales fell 9.3 percent, hit by the strong Swiss franc and costs arising from its sale of eyecare group Alcon.
Sales for the period fell to 20.3 billion francs (€15.7 billion).
"Sales were impacted by -9.8 percent from foreign exchange and by -5.9 percent 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 percent.
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.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.