Nestle posts drop in 2017 profit, to end L’Oreal stake deal

Swiss meals and beverage big Nestle stated Thursday that it’s ending its settlement with the nicely-heeled Bettencourt household of France over the L’Oreal cosmetics empire and is exploring choices for its Gerber Life Insurance coverage enterprise.

The announcement got here because the Vevey, Switzerland-based mostly firm reported internet revenue fell almost sixteen % to 7.18 billion Swiss francs ($7.7 billion) final yr, in comparison with eight.fifty three billion in 2016. The corporate stated the drop was principally as a result of accounting of money-stream points at Nestle Pores and skin Well being.

Nestle stated revenues edged up zero.four % to 89.eight billion francs, whereas underlying revenue rose four.6 % to three.fifty five billion francs.

The corporate reported progress of two.four %, and CEO Mark Schneider acknowledged that natural gross sales progress got here in “under our expectations” following “weak gross sales improvement” towards yr-finish.

Schneider stated Nestle’s markets in North America and Brazil confronted a “difficult setting” whereas gross sales progress was “encouraging” in Europe and Asia.

The corporate stated it expects decrease tax bills in the USA of about 300 million francs because of the U.S. tax reform package deal.

Nestle stated it’s going to contemplate “strategic choices”…

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