Nestle sales up 9pc in 9 months
Afp, Switzerland
The Swiss food group Nestle said Thursday that sales for the first nine months rose by 9.1 percent to 72.2 billion francs (45.4 billion euros, 56.9 billion dollars), from 66.2 billion, in line with analysts expectations. The company posted above-target organic growth, i.e. on a comparable basis with respect to the scope of its activities and exchange rates, of 6.1 percent during the period. Nestle also said it is confident that for the full year it will reach the upper end of its long-term organic growth target range of 5-6 percent, as well as achieving improved margins in constant currency terms. In a company statement, Nestle chairman and chief executive Peter Brabeck-Letmathe said: "Our strong growth has continued into the third quarter of 2006. "We are still facing volatile raw material and energy prices, but overall, I feel comfortable in reconfirming our reaching the upper end of our long-term organic growth target of between five and six percent, combined with an improvement of the EBIT (earnings before interest and tax) margin in constant currencies for the full year. "We have also continued to make progress in our transformation into a nutrition, health and wellness company through our active business portfolio management and the announced changes in our top management."
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