Nestlé's results for the nine months to the end of September may have been short of analyst expectations, but the food giant said that its emerging markets performance more than compensated for sluggish sales in Western markets.
In emerging markets, which account for about 45% of group sales, sales were up by 8.8%. “Asia and Africa have picked up speed,” said Nestlé chief executive Paul Bulcke.
Nestlé said strong sales of pet food and chocolates helped drive its performance. The performance was patchy with sales in Europe growing at less than 1%, while emerging markets showed signs of picking up, though not at the double-digit pace they grew at a year ago.
Like Anglo-Dutch rival Unilever NV, Danone SA and other food makers, Nestlé has struggled with slowing growth in Europe, where government austerity programs have weighed on consumer confidence, and the Americas.
© 2013 - Checkout Magazine by Stephen Wynne-Jones