Swiss food group Nestlé is set to post a decline in overall sales for the first nine months of the year, as the strength of the Swiss franc counters any underlying growth.
Nestlé is expected to post organic sales growth of 5.7%, in line with the company’s own annual growth target of 5-6%, reported Reuters. Organic sales strip out the effects of exchange rates and acquisitions.
Higher sales of its bottled water and ice cream are expected to offset weak sales of chocolate due to the heat wave in Europe.
Analysts are expecting Nestlé to report overall sales of CHF64.4bn (US$48.4bn), a decline of 2.7% year-on-year.