Nestle sales slump under strong franc but volumes recover [Yahoo! Finance]
NESTLE S.A S/ADR (NSRGY)
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Source: Yahoo! Finance
Nestle, the food giant whose brands include Nespresso coffee and Perrier water, saw first-quarter sales figures slump due to the strong value of the Swiss franc and a baby formula recall, but sales volumes overall edged higher. The maker of Purina dog food, Maggi bouillon cubes, Gerber baby food and Nesquik chocolate-flavoured drinks has struggled with flagging consumer demand in key markets in recent years. Nestle shook up its management last year and laid off six percent of its staff. For the first three months of the year the company reported sales of 21.3 billion Swiss francs ($24.9 billion), a drop of 5.7 percent from the period last year. The franc has appreciated considerably as investors seek a safe haven amid global uncertainty, resulting a 9.3 percentage point drag on Nestle's sales when it converts international earnings into the Swiss currency. Excluding currency impacts and changes in business operations, known as organic sales, revenues were up by 3.5 percent.
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