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☆ Want to cash in on India's growth? Veteran investor names 5 'well-run' companies to buy right now
▼ + stars: | 2024-09-10 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Interest in India has been rising steadily among investors, thanks to its growing economy , strong stock market performance and burgeoning population . Amid some talk of an Indian stock market bubble , however, Pramod Gubbi, co-founder of Marcellus Investment Managers, revealed how he is playing the market. So, our job is to evaluate whether the management teams are hungry enough to identify changes that are happening and adapt to them," he told CNBC Pro last week. Women-led themes One theme that Gubbi is interested in is how India's growing numbers of working women are spending their money. Other stocks Other Indian companies Gubbi likes include Divi's Laboratories and HDFC Bank .

Persons: Pramod Gubbi, Marcellus, Gubbi, Maggi, Nescafe Organizations: Marcellus Investment, Management, CNBC Pro, Bombay Stock Exchange, Tata Group, Brands, Nestle, —, Paints, Divi's Laboratories, HDFC Bank, Novartis, GSK, Merck Locations: India, U.S, China

☆ Your coffee’s getting pricier – and climate change could keep it that way
▼ + stars: | 2024-08-01 | by ( Erika Tulfo | ) edition.cnn.com time to read: +7 min

Roasters and coffee experts are also signaling that prices could remain higher for longer, as factors like climate change reduce the coffee global supply. Climate change drives prices up“Coffee is more sensitive to changes in temperature than many other crops,” said Michael Hoffmann, professor emeritus at Cornell University’s College of Agriculture and Life Sciences. “Climate change is getting worse. According to Delany, coffee prices are typically between 100 to 140 cents, but have stayed consistently above that range for the past three years. “There’s a drum beat in the background that is climate change, and that is causing problems,” he said.

Persons: CNN —, Tomas Edelmann, ”, Hamburgo, Miranda, Ryan Delany, there’s, Michael Hoffmann, “, Brazil sneezes, Delany, Arabica, ” Neil Rosser, Lavazza, Miranda Edelmann, Giuseppe Lavazza, Nestle, Sharon Zackfia, William Blair, Rosser, ” Delany, you’re Organizations: CNN, Coffee, International Coffee Organization, United Nations, Coffee Trading Academy, Cornell University’s College of Agriculture, Life Sciences, US Department of Agriculture, Commodities, Financial Times, Nestle Locations: Chiapas, Mexico, Brazil, Arabica, Vietnam, Ukraine, Red

☆ Inside Nestle's instant coffee business
▼ + stars: | 2024-03-02 | by ( Shawn Baldwin | Jeniece Pettitt | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside Nestle's instant coffee businessIn Vietnam's Central Highlands growers eagerly await the annual coffee harvest in October when coffee cherries turn deep red in color. Vietnam is the world's second largest exporter of coffee behind Brazil which produces about 40% of the globe's coffee supply. Fluctuating coffee prices and high labor costs have caused financial difficulties for farmers in recent years. To keep up with demand Nescafé works with over 100,000 farmers and buys more than 13 million bags of green coffee annually.

Locations: Highlands, Vietnam, Brazil

☆ How Nescafé instant coffee is made
▼ + stars: | 2024-03-02 | by ( Shawn Baldwin | ) www.cnbc.com time to read: 1 min

Americans consumed over 1.3 billion cups of Nescafé last year, helping the brand become Swiss-based food giant Nestlé's largest coffee segment. With sales in over 180 countries, one in seven cups of coffee consumed worldwide is a Nescafé. Nescafé works with over 100,000 farmers, buys more than 13 million bags of green coffee annually and has two dozen factories globally. So how is Nescafé instant produced? To find out, CNBC traveled to Vietnam, the world's second-largest exporter of coffee behind Brazil, to get a look at Nescafé operations.

Organizations: Inter, American Development Bank, CNBC Locations: Swiss, Vietnam, Brazil

☆ How Nestlé is changing in an older and Ozempic-obsessed world
▼ + stars: | 2024-02-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —In 1867, pharmacist Henri Nestlé combined dried cow’s milk with cereals and sugar to create a safe, easily digestible breast-milk substitute. Less infant formulaThe company also plans to use its expertise in nutrition to develop products that serve the growing numbers of older consumers. Nutrition for older consumers“Clearly, across the world in most major markets, the elderly and older population is growing. On current trends, that number is expected to increase to more than 4 billion by 2035, according to the World Obesity Federation. In September, Nestlé announced plans to increase sales of more nutritious products by 20-25 billion francs ($22.8-$28.5 billion) by 2030.

Persons: Henri Nestlé, Wegovy, Mark Schneider, ” Schneider, Schneider, Nestlé, we’re Organizations: London CNN —, United Nations, Schneider, Nutrition, Omega, World Obesity Locations: Swiss, Ireland, Wegovy

☆ Why Nescafé instant coffee sales are surging
▼ + stars: | 2024-02-14 | by ( Shawn Baldwin | Jeniece Pettitt | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Nescafé instant coffee sales are surgingAmericans drank an estimated 517 million cups of coffee daily in 2022 spending almost $110 billion on the beverage that year. Cold brews, expresso-based beverages and perfectly roasted beans are among the top drinks for today's coffee aficionados. But one segment of the U.S. market has given up ground. Instant coffee, the kind that dissolves in hot water, has seen consumption fall to just 4% of American coffee drinkers. By comparison 25% of the coffee consumed globally is instant.

Locations: U.S

☆ How Nescafé came to dominate the instant coffee market
▼ + stars: | 2024-02-14 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Soluble coffee accounts for about a quarter of the beverage consumed globally, according to Brazilian Instant Coffee Industry Association, and that number is rising. "People often think that people have stopped drinking instant coffee because we have so much specialty coffee in abundance today," said coffee expert Jake Leonti at food and beverage consulting firm F+B Therapy. Known for its affordability and convenience, instant coffee is known as the black sheep of the coffee world. And yet 6,100 cups of Nescafé instant coffee are consumed every second, according to the company, Swiss-based food giant Nestlé's largest coffee brand. Worldwide one in seven cups of coffee consumed is a Nescafé.

Persons: Jake Leonti Organizations: National Coffee Association, Overseas, Instant Coffee Industry Association, CNBC Locations: Swiss, Vietnam, Brazil

☆ Nestlé's Steve Presley: 2024 is about getting back to innovation
▼ + stars: | 2023-12-27 | by ( Josée Rose | ) www.businessinsider.com time to read: +6 min

He says 2024 will mark a return to innovation and doing more around marketing for its many brands. AdvertisementFor Steve Presley and Nestlé, 2024 is about getting back to innovation. As CEO of Nestlé's Zone North America, he sees 2024 as a year to get back to basics. So, the traditional way of demand generation and winning categories with consumers, and creating value for consumers is really what I'm excited about for 2024. So it looks like we're in a stable inflationary environment — or more stable — and we're in a stable supply environment, now we get back to serving households better.

Persons: Steve Presley, —, Nestlé, Presley, Nescafé, Gerber, creamer, we've, I've, I'm Organizations: Nestlé's, North America, Service, Purina Locations: North, Business, America

Real internal growth (RIG) - or a measure of sales volumes - fell 0.6%, meeting expectations. "The ultimate catalyst for the stock's multiple to improve is going to be seeing that volume number going positive." Analysts had on average expected organic sales growth of 8.1%. Nestle confirmed its full-year outlook of organic sales growth between 7% and 8% and underlying trading operating profit margin between 17.0% and 17.5%. The drug's popularity has prompted concerns in the consumer and retail industry over whether food sales will be impacted.

Persons: Denis Balibouse, Nestle, Mark Schneider, Schneider, Richard Saldanha, Maggi, Novo, Richa Naidu, Christopher Cushing, Jason Neely Organizations: Nestle, REUTERS, Gillette, Aviva, Novo Nordisk's, Walmart, Thomson Locations: Romont, Switzerland, Ukraine

☆ Nestlé is closing an infant formula factory as China’s birth rate plunges
▼ + stars: | 2023-10-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —Nestlé plans to close a plant in Ireland that makes baby formula, citing a sharp drop in China’s birth rate, in a fresh example of the far-reaching implications of China’s demographic crisis. The world’s largest food company said Wednesday that it would shut its Wyeth Nutrition infant formula factory in Askeaton, a town in Ireland, by the first quarter of 2026 unless a buyer could be found. The plant makes infant formula products exclusively for export to markets in Asia. “[Sales] growth was driven by pricing as we continued to navigate historic inflation levels,” CEO Mark Schneider said in a statement. Separately, Nestlé said it had temporarily shut a factory in Israel as a “precaution” but that the plant was now operating again.

Persons: London CNN —, ” Nestlé, Nestlé, Mark Schneider Organizations: London CNN Locations: Ireland, Askeaton, Asia, China, Switzerland, Israel

☆ Nestle shares at two-year low as investors weigh Wegovy rollout
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hannah McKay/Photo Illustration/File Photo Acquire Licensing RightsOct 6 (Reuters) - Nestle (NESN.S) shares were under pressure on Friday as investors weighed the potential impact of Novo Nordisk's (NOVOb.CO) blockbuster weight-losing drug Wegovy and how it could reduce spending on food. The KitKat and Nescafe coffee maker's shares were down 2% and headed for their lowest level in more than two years. However, Cox does not regard this as a substantial risk to Nestle and the broader food industry in the long term. Bruno Monteyne from Bernstein also pointed to the Wegovy impact, but saw little logic in the sell-off. "Danone sells water, baby milk powder, and yogurt: not sure how those would be negatively impacted by GLP1 / Wegovy?"

Persons: Kat, Hannah McKay, Wegovy, Peers, Kepler Cheuvreux, Jon Cox, John Furner, Cox, Bruno Monteyne, Bernstein, Andrey Sychev, John Revill, Mark Potter Organizations: Nestle, REUTERS, Peers Danone, Unilever, Kepler, Bloomberg, Danone, Health, Thomson Locations: London, Britain, U.S

☆ People on the internet are split over Tokyo's standing sleeping pods: 'Why did Japan make this?'
▼ + stars: | 2023-09-19 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

A cafe in Tokyo offered standing sleeping pods for customers. The experience prompted mixed reviews from YouTubers and TikTok users using the pods. AdvertisementAdvertisementHis video has since received over 4 million views and depicts Colquhuon trying to get comfortable in a forest-themed sleeping pod. Another user, @JapanOnTikTok, shared his experience using the cafe's space-themed standing sleeping pod in a video published on August 23. AdvertisementAdvertisementThe cafe's promotion ended on Sunday, but the standing sleeping pods are set to be sold by their manufacturer, Giraffenap.

Persons: TikTok, YouTuber Connor Colquhoun, Colquhoun, SoraNews24, Insider's David McElhinney, Giraffenap Organizations: Service, New Locations: Tokyo, Japan, Wall, Silicon, New York

☆ Your snacks are getting more expensive. Blame these big food companies, not inflation.
▼ + stars: | 2023-07-27 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

But major food companies, from Nestlé to Unilever, increased prices much more than that. The world's biggest food companies spent the first half of this year raising prices, according to several earnings reports released this week. Some external factors have impacted the costs that major food companies pay to produce their products. It's especially easy for global food companies to raise prices, given that a few companies own most of the brands in many US grocery stores. But there's some evidence that consumers aren't willing to put up with higher food prices indefinitely.

Persons: PepsiCo's, Ramon Laguarta, We've, James Quincey, Quincey, PepsiCo's Laguarta Organizations: Consumer, Unilever, Service, PepsiCo, Quaker Oats, Gatorade, Federal Reserve, New York Times, Walmart, Costco, Sam's Locations: Nestlé, Wall, Silicon, Ukraine, Clorox, Kingsford, Europe

LONDON, July 27 (Reuters) - Nestle (NESN.S) improved its full-year organic sales outlook and reported better-than-expected first-half organic sales, as the world's biggest packaged food company again raised prices to cope with higher input costs. Nestle said it is narrowing its full-year organic sales growth guidance - which does not include the impact of currency movements and acquisitions - to a range of 7%-8% from a range of 6-8%. Real internal growth - or sales volumes - fell 0.8% versus expectations of a 0.6% decline. "We're still repairing our gross margin," he added. Reckitt reported sales volumes for the second quarter were down 4.3%, Unilever's quarterly volumes were down 0.3% and Danone's second-quarter volume/mix declined 2.3%.

Persons: Nestle, Mark Schneider, Schneider, Jean, Philippe Bertschy, Reckitt, Richa Naidu, Kim Coghill, Sharon Singleton Organizations: Nestle, Unilever, Thomson Locations: Swiss, Ukraine

☆ Why are so many Western firms staying put in Russia, despite the rising risks?
▼ + stars: | 2023-07-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —When Russia launched its full-scale invasion of Ukraine in February 2022, a slew of Western companies left in protest. Companies now find themselves caught between Western sanctions and public outrage on the one hand, and an increasingly hostile Russian government on the other. The Kremlin is making it more difficult for Western firms to sell their Russian assets — and imposing steep discounts and punitive taxes when they do. Both companies had been finalizing sales to local buyers when President Vladimir Putin signed an order nationalizing their local assets earlier this month. Spurred by sweeping Western sanctions, oil companies, automakers, technology firms, consultancies and banks led the initial wave of departures.

Persons: —, Vladimir Putin, Carlsberg, Maria Shagina, Andrey Rudakov, Konstantin Zavrazhin, Hein Schumacher, Schumacher, ”, ” Procter, Gamble, ” Mondelez, Fortum Oyj, Jeffrey Sonnenfeld, ” Sonnenfeld, — Olesya Dmitracova Organizations: London CNN, Nestlé, Heineken, Companies, Danone, Carlsberg, Breweries, International Institute for Strategic Studies, CNN, Bloomberg, Getty, Yale University, Yale, Unilever, UL, Procter, Gamble, Treasury, Foreign, Control, Carlsberg — Locations: Russia, Ukraine, Lyubuchany, Rosneft, Moscow, Russian

☆ Kraft Heinz looks to revive Maxwell House brand with new instant iced latte with foam
▼ + stars: | 2023-07-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

At 131 years old, Maxwell House is no spring chicken, and most of its loyal drinkers aren't either. But Kraft Heinz is looking to revive the coffee brand by appealing to younger consumers with its new iced latte with foam, its first product launch in nearly a decade. Even within the instant coffee segment, Maxwell House ranks third, trailing Nestle's Nescafe and JM Smuckers' Folgers in U.S. market share, according to Euromonitor International data. But with its new Iced Latte with Foam, Maxwell House hopes to bridge that gap and win over new customers. The iced latte with foam is available nationwide at major retailers and on Amazon and comes in three flavors: vanilla, hazelnut and caramel.

Persons: Maxwell, aren't, Kraft Heinz, Nescafe, Smuckers, Dunkin Organizations: Maxwell House, Euromonitor, Starbucks, Maxwell, Kraft Locations: U.S

☆ Heineken, Unilever and Oreo maker Mondelez accused of breaking promises to leave Russia
▼ + stars: | 2023-07-10 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

It’s shameful and unethical.”Sonnenfeld, who has testified before Congress about companies leaving Russia, is not accusing these corporations of breaking the law. ‘Implied endorsement of the Putin regime’The “poster child” for this problem is the popular Dutch brewing giant Heineken, Sonnenfeld said. In March 2022, just one month after the invasion of Ukraine, Heineken won praise for promising to leave Russia. “We expect a significant financial loss to the Heineken company. The Yale research said Mondelez shows “no tangible signs of progress towards exiting” and continues to do business in Russia.

Persons: Vladimir Putin, Jeff Sonnenfeld, Philip Morris, ” Sonnenfeld, “, ”, ‘, Putin, Sonnenfeld, Steven Tian, ExxonMobil –, ” Heineken, ” Mondelez, Mondelez, That’s, Lipton, Mark Dixon, Nestle, Kit Kat, Purina, Sbarro, Carl’s Jr, Carl’s, Yale, Tim Calkins, Calkins Organizations: New York CNN Business, Yale, Heineken, Unilever, CNN, ”, Institute . Yale, BP, ExxonMobil, Nabisco, Kyiv School of Economics, Agency, Nestle, WeWork, Mondelez, McDonald’s, Starbucks, Restaurants Holdings, CKE, Northwestern University’s Kellogg School of Management Locations: Russia, Ukraine, Moscow, Russian, ”, American, South Africa

Last week, for instance, Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market. Nestle, which is replacing imported corn starch in Nigeria with cassava starch, told Reuters it has helped seven local suppliers to boost capacity to meet the company's supply needs. ONION POWDER AND TURMERICNestle said it was working to develop local suppliers of vegetables and spices used in Maggi products, for instance onion powder in Nigeria and Senegal, and turmeric powder in Nigeria. Nestle did not comment on whether its position in Nigeria would help insulate it from foreign exchange volatility, neither did it give an indication of the economic impact of the local sourcing. ($1 = 0.8967 Swiss francs)Reporting by Richa Naidu; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Kat, Nestle, Richa Naidu, Emelia Sithole Organizations: Swiss, Nestle, REUTERS, LONDON, Reuters, Unilever, Thomson Locations: Bern, Konolfingen, Switzerland, Nigeria, Cameroon, Senegal, Swiss, Asia, East, Africa

An internal Union Investment document seen by Reuters shows that the firm received just 30 responses to its outreach. Although consumer goods manufacturers are particularly exposed, other sectors that import goods associated with deforestation, including commodities houses and industrials companies, will also face scrutiny. Consumer goods makers are counting on technology such as satellites and artificial intelligence to help eradicate deforestation from their supply chains. Several large consumer goods companies say they are close to meeting their ambitious zero-deforestation goals. "The EU rules make deforestation a financial risk as well as an environmental risk."

Persons: Ueslei Marcelino, Henrik Pontzen, Pontzen, Janus Henderson, Jonathan Toub, haven't, Snorre Gjerde, Christophe Hansen, Magdi Batato, Kit Kat, Nestlé, David Croft, Reckitt's, Arild Skedsmo, Richa Naidu, Kate Abnett, Matt Scuffham, David Evans Organizations: REUTERS, Reuters, EU, Germany's, Investment, Unilever, ESG, Union Investment, Nestle, Pepsico, Danone, L'Oreal, KLP, Aviva, Fidelity International, Reckitt, UN Food and Agriculture Organization, Consumer, Thomson Locations: Uruara, Para State, Brazil, NBIM, Nescafe, London, Brussels

☆ Recycling and Regulation Are Hot Issues in Likely Update to U.S. Sustainable Marketing Guides
▼ + stars: | 2023-06-08 | by ( Dieter Holger | ) www.wsj.com time to read: +8 min

The FTC last updated its guides in 2012 after a review that it launched in late 2007. “For the average consumer, it’s impossible to verify these claims,” FTC Chair Lina Khan said in December when the review was launched. “It therefore is critical for the FTC’s framework on environmental claims to stay flexible and nimble,” Nestlé said in its public comment. Published comments from Procter & Gamble, L’Oréal and Unilever support keeping the current 60% threshold and say recyclable claims shouldn’t be based on how much of their products get recycled. Its CEO also said he hopes the Green Guides will be updated more regularly given the rapidly changing landscape of environmental marketing.

Persons: “, Lina Khan, Nestlé, PIERRE ALBOUY, REUTERS Nestlé, Perrier, Johnson, Fisk Johnson, ” Johnson, ”, Sarah Dearman, Ting Shen, L’Oréal, Unilever didn’t, Keith Srakocic, S.C, Dieter Holger Organizations: U.S . Federal Trade, FTC, Green Guides, Justice Department, REUTERS, ” SC Johnson, Sustainable Business, Green, Recycling, Bloomberg, The Recycling, U.S . Environmental Protection Agency, Greenpeace, Procter & Gamble, L’Oréal, Unilever, ” Unilever, Guides, dieter.holger Locations: North America, Virginia, U.S

LONDON/BERLIN, May 30 (Reuters) - Nestle (NESN.S), the world's biggest packaged food company, said on Tuesday it had hired the London Stock Exchange Group's (LSEG) finance chief Anna Manz as its new chief financial officer. Manz will replace Francois-Xavier Roger, who the company said is stepping down to "pursue new professional challenges" after eight years in the role. Nestle, whose more than 2,000 brands include Kit Kat, Haagen-Dazs and Nescafe, said Manz will join Nestle as soon as she is released from her current duties. "We trust that Anna will pursue Francois' legacy, considering her strong career at Diageo," Vontobel analyst Jean-Philippe Bertschy said. Rival Unilever Plc (ULVR.L) also said on Tuesday that CFO Graeme Pitkethly would leave the consumer goods giant by the end of May 2024 after more than two decades.

☆ Vodafone and Nestlé Created Panels to Avoid ‘Greenwashing’ Allegations
▼ + stars: | 2023-05-23 | by ( Dieter Holger | ) www.wsj.com time to read: +4 min

Vodafone Group and Nestlé have set up panels of experts to double check environmental claims before they appear on products and marketing, a move by the multinationals to avoid allegations of so-called greenwashing. The U.S. Federal Trade Commission is updating its environmental marketing guidelines and the EU has proposed that businesses need to offer scientific evidence. The panels at Nestlé and Vodafone are examples of how companies are stepping up their due diligence of green claims in response to mounting scrutiny, tighter regulation, shifting consumer preferences and the threat of lawsuits. So far, that hasn’t happened, Mr. Reiter said. The packaged-foods company’s panels are staffed by employees from marketing, regulatory, scientific affairs, sustainability, legal and communications.

☆ KitKat and Nescafe owner Nestle says it's raised prices by nearly 10% so far this year
▼ + stars: | 2023-04-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Cheerios, Nescafe, Nesquik, KitKat, Milkybar and Purina products, manufactured by Nestle SA, arranged in London, U.K., on Monday, July 26, 2021. Consumer goods firm Nestle raised prices by 9.8% in the first quarter, attributing this to "significant cost inflation." But sales volumes, listed as "real internal growth," fell 0.5%. The company raised prices by 8.2% last year, and saw sales volumes up by 0.1%. It comes as consumers struggle with sharply higher prices of food, household basics and beyond.

☆ Britain's Sainsbury's offers lower prices to loyalty card holders
▼ + stars: | 2023-04-11 | by ( James Davey | ) www.reuters.com time to read: +2 min

[1/2] Illuminated signage is seen at a branch of the Sainsbury's supermarket in London, Britain, January 7, 2022. Sainsbury's' "Nectar Prices" scheme offers discounts on items including household products, pet food and confectionary when members scan their Nectar app or swipe their card at the supermarket checkout, or if shopping online link their Nectar and Sainsbury's accounts. "We will keep refreshing Nectar Prices and increasing the variety of products on offer," said Sainsbury's CEO Simon Roberts. Nectar members will continue to earn points for purchases which can be spent either at Sainsbury's or with partners. The new initiative builds on a scheme launched in 2021 that saw Sainsbury's offer lower prices to Nectar members using its "SmartShop" self-scanner service.

☆ Nestle sees price pressures easing -chairman tells newspaper
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

ZURICH, March 31 (Reuters) - Nestle (NESN.S) is seeing an easing of price pressures stemming from raw materials, transport and packaging costs, said Chairman Paul Bulcke, adding that company would still increase prices. "Price pressure is gradually easing," Bulcke told Swiss newspaper Finanz und Wirtschaft in an interview published on Friday. Nestle increased its prices by 8.2% during 2022, but sales volumes - which it calls real internal growth - only increased by 0.1%. During the third and fourth quarters of last year, the maker of KitKat chocolate bars and Nescafe instant coffee suffered lower sales volumes as cash strapped consumers cut back. "For positive real internal growth on an annual basis, I remain confident," he told the newspaper.

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