Last updated: April 18. 2013 2:34AM - 681 Views
Associated Press

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(AP) Swiss food and drinks giant Nestle SA has reported first-quarter sales of 21.9 billion Swiss francs ($23.48 billion), up 2.3 percent from the same period a year earlier.

The maker of Nescafe, Haagen Dazs and Jenny Craig says sales in developed markets continue to be subdued by low consumer confidence amid global financial uncertainty both in the United States, which is Nestle's biggest market, and in Europe.

Paul Bulcke, CEO of the Vevey, Switzerland-based company, said in a statement Thursday the first three months of 2013 "reflects the caution" that it had anticipated for the entire year.

But he said the company expects to see stronger momentum in key emerging markets, where it reported 8.4 percent growth in the first quarter, a reflection of contrasting trading conditions across different regions.

Associated Press
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