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Nestle 9-month sales slip, hurt by strong Swiss franc

Nestle 9-month sales slip, hurt by strong Swiss franc
AFP
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First Published: Thu, Oct 22 2009. 11 37 AM IST
Updated: Thu, Oct 22 2009. 11 37 AM IST
Geneva: Global food giant Nestle said Thursday its nine-month sales slipped 2.3% to 79.5 billion francs (52.6 billion euros, $78.9 billion), hurt by a strong Swiss franc.
The currency impact took 5.2% off its sales for the first nine months of the year, it said, while divestitures added an impact of 0.6%.
Organic growth -- which excludes effects from acquisitions and currency fluctuations -- stood at 3.6% for the period, it added.
Paul Bulcke, chief executive of Nestle confirmed the group’s outlook, saying that he expected that “volume-driven organic growth will further accelerate.”
The food giant posted full year profits of 18 billion francs in 2008.
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First Published: Thu, Oct 22 2009. 11 37 AM IST
More Topics: Switzerland | Nestle | Sales | Food | Currency impact |