Nestle Reports Sales Off 3.5%
VEVEY, Switzerland — Nestle SA, the world’s largest food group, today announced that its overall sales dropped 3.5% to about $37 billion last year and that its profit is likely to decline “slightly more.”
A company statement said the strength of the Swiss franc was a chief factor in the decrease in sales. It said it believes 1991 sales are not likely to be adversely influenced by foreign exchange rate factors.
Barring a dramatic deterioration in the political and economic situation, the group will have higher sales this year, the company said. It expects to report 1990 earnings in March.
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