Nestlé Shrugs Off Downturn To Report Big Increase In Sales

Swiss food giant Nestlé has underlined its position as a good defensive bet during the current financial turmoil by posting strong sales figures for the first nine months of 2008 and upping its full year forecasts. Underlying sales, which strip out currency effects and acquisitions, increased by 8.9% over the nine months to reach CHF81.36bn (US$70.72bn). Nestlé now expects underlying sales to rise by 8% over the whole of 2008, a figure well ahead of its long term 5-6% target and above the 7.4% increase registered in 2007.

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