French food products company Danone (DANOY.PK) reported Thursday that its first-quarter sales decreased 2.5 percent to 6.79 billion euros from last year's 6.96 billion euros.
Consolidated sales went up 4.1 percent on a like-for-like or LFL basis, led by an increase of 1.2 percent from volume/mix and 2.9 percent from price.
In the first quarter, Europe sales were 2.34 billion euros, up 2.8 percent on LFL basis. In North America, sales of 1.74 billion euros grew 2.5 percent on LFL basis. China, North Asia & Oceania LFL sales grew 8.9 percent, and the growth was 4.1 percent in Latin America.
In the Rest of the World, sales increased 6.0 percent on a like-for-like basis.
Looking ahead for fiscal 2024, the company continues to expect like-for-like sales growth between 3 percent and 5 percent, with moderate improvement in recurring operating margin.
CEO Antoine de Saint-Affrique said, "In what remains a challenging environment, we continued making good progress on our transformation agenda, strengthening our category fundamentals, intentionally driving our winning mixes and geographies... We are confident that 2024 will be another year where we deliver on our value creation model."
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