Parmalat Reports 4.6% Decrease In Sales Volumes
Italian dairy and food manufacturer Parmalat has reported that the group's sales volumes decreased by 4.6% in the first six months of 2017.
The group attributes this decline to an increase in milk prices, strong competitive pressure, and poor performance in the Latin America market.
Parmalat's net revenue totalled €3,274 million, which represents an increase of 9.5% compared to the same period in 2016, with positive contributions by all regions, with the exception of Oceania and Latin America.
Meanwhile, the company's CEO and general manager, Yvon Guérin, announced his resignation, effective from 12 September 2017 following the approval of the group's first half results.
The board of directors is now recommending the appointment of Jean Marc Bernier, current managing director of Lactalis Italia Group, as Parmalat's new CEO.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.