Newspaper article The Evening Standard (London, England)

European Woes for Adidas, Nestle

Newspaper article The Evening Standard (London, England)

European Woes for Adidas, Nestle

Article excerpt

Byline: Lucy Tobin

ONE is a maker of chocolate that piles on the pounds, the other makes trainers to burn them off.

But both Nestle and Adidas today admitted that they are being hit by the unwillingness of price-conscious shoppers in Europe to open their wallets.

The stream of good economic news coming from the UK has boosted our consumption: Nestle said the UK was a "highlight" in its faltering Western Europe division.

But because of consumers cutting back in the rest of Europe, the maker of KitKat, Nescafe, Nesquik, Shredded Wheat and other products -- a catalogue which has resulted in its being named the world's biggest food company -- witnessed its slowest first-half revenue growth in four years, and warned: "In Europe consumers are extremely sensitive to price and we have been responsive."

First-half organic sales growth in Europe was up just 0.5% to Swfr7.5 billion ([pounds sterling]5.3 billion), compared with 5% in the Americas and in Asia. …

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