SWITZ: Nestle chief Bulcke hails H1 performance
Nestle boss Bulcke warned of "more challenging" second half of 2010
Nestle CEO Paul Bulcke said this morning that the Swiss food giant had enjoyed a "very successful" first half of the year with sales climbing by more than 6% and profits up 7.5%.
The world's largest food maker booked a 7.5% increase in net profit to CHF5.5bn, with EBIT up 10.6% at CHF6.7bn. Nestle's EBIT margin climbed by 80 basis points to 15.1% despite higher marketing investment thanks to cost control.
Sales grew by 6.1% on an organic basis to CHF55.3bn. On a reported basis, sales were up 5.9%.
Looking ahead, Bulcke said: "We have increased investment in our brands, people and capabilities and have prepared the company for a more challenging second half, which allows me to reconfirm our earlier full-year guidance for [Nestle's] food and beverages [business]: organic growth of around 5% combined with an increase in EBIT margin in constant currencies."
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