Economics
Danone Third-Quarter Revenue Rises at Weakest Pace in Decade
- Baby food sales slowed down on new Chinese regulations
- Full-year growth probably will be at bottom of range: analyst
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Danone, the world’s biggest yogurt maker, reported the slowest third-quarter sales growth in more than a decade amid a slowdown in baby food, traditionally one of the company’s fastest-growing businesses.
Revenue increased 2.1 percent on a like-for-like basis, Danone said in a statement on Tuesday, missing analysts’ estimates for a 2.4 percent increase. The stock reversed early declines after Chief Financial Officer Cecile Cabanis said full-year profitability will be at the high end of its target range, helped by price increases, efficiency measures and cost cuts.