NETHERLANDS: Wessanen Q2 sales down as US low carb craze fades
Dutch food company Wessanen has announced a falls in sales for the second quarter and first half of 2005, blaming falling low-carb sales in the US and deliberately terminated turnover in a number of its businesses.
Net sales for the second quarter were €477.8m, compared with €542.3m last year, while sales for the half were €946.3m, compared with €1.119bn.
Net income for the second quarter was €11.5m, compared with €13.9m, while income for the half was €15m, compared with €6.4m last year.
"Our results illustrate that we are on the right track," said Ad Veenhof, Wessanen CEO. "We have substantially reduced our costs and we are on stream with brand innovations and strategic business portfolio initiatives. We will continue to follow this path, making sure this new base will be translated in sustainable growth and deliver healthy results."
The rate of sales decline was less in the second quarter than in the first, the company said, indicating that the negative sales development is levelling out. Sales of most of our key brands show positive signs of growth, as they move upward in the second quarter, it said.
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