Zurich: Swiss food and drink giant on Thursday reported anaemic sales growth as Asian market strength was offset by weak consumer spending in the Americas.
First quarter sales rose 0.4 per cent to 21 billion Swiss francs (19.6 billion euros, $21.1 billion), slightly below analyst expectations compiled by the AWP agency of 21.3 billion francs.
But organic sales growth, which excludes exchange rate factors as well as acquisitions and spin-offs, came in better than expected at 2.3 per cent against an analysts’ call of 2.1 per cent.
Unfavourable exchange rates weighed on sales growth with 0.4 points and asset sales with 1.5 points. — AFP
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