Global food group Nestlé’s share price slumped this morning (18 October) as the group reported a number of one-off hits and sales growth slowed in Asia.
Nestle’s shares fell as much as 2.1% in early morning trading to CHF60.95, despite an 11% increase in total sales to CHF67.6bn (US$73.2bn).
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Nestle said flooding in the Philippines, one less shopping day in Europe and business disruptions in parts of Asia, Oceania and Africa weighed on results. Sales growth in the AOA region also slowed, to 9.4% in the first nine months of the year from an 11.6% pace in the first half.
Organic sales growth, which strips out currency effects and acquisitions, was 6.1% in the period, while real internal growth reached 2.9%.
Nestle maintained its full-year outlook of 5-6% organic sales growth, despite the tough trading conditions.
