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Inflation may sour Danone

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3 years ago

April 21, 2022

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Quarterly expectations exceeded, but there are clouds in the sky

Danone experiences the fresh feeling of exceeding expectations. It posted sales growth of 7% in the first quarter, stronger than expected. The sale of higher volumes of food and beverages contributed more than 2% to growth, against the consensus of 0.4%. The stock rose 7%.

Inflation, however, sours the mood. Comparable sales in North America grew 6%, with more than 4% coming from price increases. But compared to 8.5% annual inflation in the US in March, these figures suggest that Danone’s ability to pass on rising costs is limited, meaning profits could take a hit if prices continue to rise. . China, North Asia and Oceania fared better, with sales up 15%, mostly on the back of higher volumes. But they are only a tenth of the business. Russia and Ukraine will aggravate the headache of the boss, Antoine de Saint-Affrique.