Nestle shares down on slowing sales growth

<p>Nestle’s share price has dropped today.</p>

The share price of Nestle fell today (August 8th), after it was confirmed by the company that its sales growth is slowing.

It was announced by the firm, which is the world's biggest consumer food group, that weak demand in Europe is the reason for the slowing sales expansion.

Overall sales growth was cut from 4.6 per cent to 4.1 per cent throughout the first half of the year. However, in Europe, growth slipped from one per cent to 0.6 per cent.

Commenting on the firm's latest financial results, Nestle's chief financial officer Wan Ling Martello told a news conference: "It's not going to be easy. It's going to be a stretch."

Despite slowing sales growth for the company, its profits rose 3.7 per cent to 5.1 billion Swiss francs (£3.3 billion) in the first six months of 2013.

Nestle's share price is down by around 2.5 per cent today on the back of the financial data.

At 16:04 BST, stocks were trading for 63.05, down 1.65 points on the start of the day.

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