Swiss food giant Nestlé has said it hopes to meet its 4% target for core sales growth in 2003 but said it would not sacrifice margins in what it expects to be a “testing year”.
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Nestlé reported Real Internal Growth, which strips out the effects of acquisitions, divestments, price changes and currency movement, of 3.4% for 2002.
“We would hope to be able to achieve this (4%) target in 2003 but, as in 2002, we will not sacrifice our profit margins to do so,” chairman Rainer Gut and chief executive Peter Brabeck said in a letter to shareholders, as quoted by Reuters.
“2002 will certainly be another testing year for currencies, economies and for Nestlé. It is likely that our sales growth and reported earnings per share will come under pressure from exchange rates.”
“We will continue to focus on improving our margins and cash flows and would expect to be able to report further positive news on this front at the end of the year,” the executives added.
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