Danone says Q3 Wahaha sales down 30 pct; sticks to 20 pct drop FY guidance |
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Wed, 17 Oct 2007 10:26
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PARIS (Thomson Financial) - Groupe Danone has recorded a 30 pct fall in third-quarter sales from its joint venture with Wahaha in China, but is sticking to its full-year guidance for a 20 pct drop, chief financial officer Antoine Giscard d'Estaing said.The French group expects to experience another sharp fall in the fourth quarter, partly due to tough year-earlier comparisons, he said in a conference call on Danone's third-quarter sales.Danone is currently in dispute with Wahaha, and has seen sales fall sharply after excluding revenue generated by Wahaha outside the companies' joint venture.Regarding Danone's future in China, Giscard d'Estaing said Danone's model for its dairy business in China is 'under review', with a view to having 'less exposure to partners' in future.tfn.paris@thomson.comgt/hjp/gt/lamCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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