Nestle nine-month sales soars, hikes full-year outlook

Nestle nine-month sales soars, hikes full-year outlook
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First Published: Thu, Oct 23 2008. 02 41 PM IST
Updated: Thu, Oct 23 2008. 02 41 PM IST
AFP
Geneva: Global food giant Nestle today said nine-month sales soared to $69.77 billion, leading it to hike its outlook for the full year.
The growth was 8.9% in organic growth terms which excludes effects from acquisitions and currency fluctuations.
In Swiss francs, the latest sales were up 3.4% compared to the 78.7 billion francs generated during the first nine months of 2007.
Group sales would have been even stronger if not for the strong Swiss franc against most other currencies, which reduced sales by 8.0%.
“These record sales in the first nine months reflect strong growth momentum in both the developing and the developed world,” Paul Bulcke, Nestle’s chief executive officer, said in a statement.
Nestle added that in view of the third quarter, it was hiking its organic growth to about 8.0% for the full year, up from the at least 7.4% it forecasted in August.
The group said all regions performed well, with developing markets in particular posting double-digit growth.
By product category, only its water division showed a one-percent fall in organic growth.
The sharpest climb was posted by the powdered and liquid beverages category, which indicated 13.1% organic growth.
A few of Nestle’s products had been pulled in some places such as South Korea and Taiwan over the China milk scandal, but the group did not refer to the impact of these withdrawals in the trading statement.
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First Published: Thu, Oct 23 2008. 02 41 PM IST