Currency problems hit Nestlé

SWITZERLAND – The strong Swiss franc and falling sales have hit Nestle’s third quarter results, which were released today.

According to Nestle, the franc had a 9.2% negative impact on figures. Sales fell 2.4% on the same period last year to CHF64.6 billion (€41.8 billion) – a drop smaller than predicted by many.

The company said that if currencies had remained constant, it would have reported a 6.8% increase in sales income. It added that hot weather in Europe this summer had a negative overall impact. Although chilled products and ice cream benefited, the company’s core chocolate brands suffered. Overall, sales of dairy products were 1% ahead of the same period last year at €11.4 billion.