Swiss dairy group Emmi insisted today (4 February) that annual revenues were ahead of expectations despite sales falling almost 2% in 2009.
Emmi booked a 1.9% fall in net sales to CHF2.62bn (US$2.47bn) as domestic revenues – which account for just under three-quarters of turnover – dropped 4.9%.
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In Switzerland, sales fell due in part to a 2.5% drop in volumes as Emmi lost some business with a “large” Swiss customer.
Internationally, however, Emmi’s revenues grew by 7.9% to CHF674m on a constant-currency basis, thanks to the acquisition of Roth Käse in the US. At local currencies, Emmi’s international sales were up 12.3%.
That said, Emmi’s sales in overseas markets dipped 1.5% when the contribution of Roth Käse is stripped out of the numbers. Emmi blamed “low consumer confidence and falling raw material prices”.
Nevertheless, Emmi, which is set to publish its complete 2009 figures at the end of March, said it was expecting to post “pleasing” EBIT of CHF105-110m.
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By GlobalDataIt cited the Roth Käse acquisition, cost savings and the “strategic success” of its Emmi Caffè Latte brand.
Shares in Emmi were up 0.76% at CHF133 at 11:08 CET.
