Givaudan Sales Flat in 3Q as Pandemic Weighed on Business

By Olivia Bugault

Givaudan SA said Thursday that sales were flat in its third quarter, as the coronavirus pandemic continued to affect some of its activities.

Sales in the quarter were stable at 1.57 billion Swiss francs ($1.71 billion), the Swiss flavor and fragrance maker said.

For the first nine months of the year, sales grew 2.7% to CHF4.79 billion, the company said. On a like-for-like basis, sales increased 3.7%.

"In the product segments most affected by the Covid-19 pandemic, namely fine fragrances and, to a lesser extent, active beauty in fragrance and beauty and food service in taste and well-being, the group experienced a continued reduction in business activity, as the restrictions related to the Covid-19 pandemic curtailed retail and travel retail activity as well as out-of-home food consumption," said the company about the January-September period.

"We aim to outpace the market with 4%-5% sales growth and a free cash flow of 12-17% of sales, both measured as an average over the five-year period of our strategy cycle," Givaudan said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

October 08, 2020 02:59 ET (06:59 GMT)

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