Danone Lowers Outlook on Weakness in U.S. Yogurt and Bottled Water
- U.S. yogurt loses market share as cool August hits water sales
- Shares slump after sales decline in two key businesses
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Danone, already struggling with falling yogurt sales as consumers shift to vegan alternatives, is getting hit by a decline in its bottled-water business.
Shares of the owner of Evian water headed toward their biggest fall in more than a decade after it lowered its annual sales outlook. The cut deals a blow to Chief Executive Officer Emmanuel Faber’s turnaround efforts, which have been built around diversifying the company’s product range away from dairy.