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Nutrition unit keeps 10% sales-increase goal
By Thomas Mulier
Bloomberg News
Published on Tuesday, Jun 17, 2008
Nestle SA, the world's largest food company, maintained its goal of raising sales by between 5 percent and 6 percent a year over the coming decade.
The forecast excludes currency movements, acquisitions and asset sales for the Swiss-based company that has a Nestle Prepared Foods division based in
Solon.
Nestle said it also expects to improve operating profit as a percentage of sales each year, according to slides of a presentation posted Monday on its Web site.
Sales will gain 7 percent to 7.5 percent in 2008 on the basis of the 10-year forecast, beating long-range goals for a fourth year, Chairman Peter Brabeck-Letmathe said in April.
Nestle's nutrition unit also reiterated its goals of raising sales by 10 percent a year excluding acquisitions and reporting an operating-profit margin of at least 20 percent.
Nestle has built up the nutrition division with the $600 million purchase of weight-loss company Jenny Craig in 2006 and last year's acquisitions of drug maker Novartis AG's Gerber baby-food unit and its medical-nutrition division, which together cost $12 billion.
Jenny Craig now boasts a ''mid-double-digit'' operating-profit margin, wider than the prior ''high-single-digit'' level, Nestle said, adding that 2008 had a ''very strong start.''
The company forecast sales this year of $1.9 billion from health-care nutrition such as products for cancer patients. Revenue from infant nutrition will rise 67 percent from 2006, the company said.
Nestle posted the slides as investors were briefed on strategy at a two-day conference at its company headquarters.
Nestle SA, the world's largest food company, maintained its goal of raising sales by between 5 percent and 6 percent a year over the coming decade.
Get the full article here.
