Danone Sales Grow Offsetting Boycott in Morocco
French dairy company Danone announced that sales will grow by 3.3% this year despite a consumer boycott has slashed the company’s profits in Morocco.
The company was able to offset setbacks in Morocco and Brazil as sales were mainly driven by Chinese consumers who snapped up more infant formula while dairy sales picked up in North America.
A consumer boycott in Morocco, initiated on social media to protest high prices, slashed sales by some 40 percent there in recent months.
In Brazil, truck drivers initiated a strike that had serious repercussions on sales there as well.
However, the company remains confident in the growth of its dairy and water sales in Europe, North America and China as the company reiterated its forecast for earnings per share to rise by a double-digit percentage at constant currencies this year.