Givaudan starts 2009 on a low note
Givaudan has announced disappointing sales figures for the first quarter of 2009. The Swiss flavours and fragrance company recorded sales of CHF976.1m, a decline of 7.3% in Swiss francs and 2.6% in local currencies on the same period of 2008.
Givaudan has announced disappointing sales figures for the first quarter of 2009. The Swiss flavours and fragrance company recorded sales of CHF976.1m, a decline of 7.3% in Swiss francs and 2.6% in local currencies on the same period of 2008.
Givaudan has blamed this decline on strong destocking throughout the supply chain, which began in the fourth quarter of last year. However, it is confident that it will achieve the announced savings target of CHF200m by 2010.
The company’s fragrance division was particularly badly hit recording sales of CHF438.4m, a 10.4% drop in Swiss francs and 5.4% in local currencies, due to a decline in fine fragrance sales in Europe and North America. The company says that fine fragrance sales will continue to be impacted in 2009 by low consumer confidence and reduced travel activity.
