BUSINESS

Fage's worldwide sales post drop in H1

TAGS: Business

Fage International, one of Greece’s leading dairy producers, recorded a slump in worldwide sales in the first half of 2018, but an increase in Greece, the first rise in the Greek market since the company moved its headquarters to Luxembourg in 2013, according to company results.

Sales rose 3 percent in Greece, 1.5 percent in the United Kingdom and 6.7 percent in Italy, but declined by 14.6 percent in the US, where the group operates a production unit.

The US losses are attributed to the strong competition in the yogurt sector, specifically the Greek type developed on the other side of the Atlantic, which has put pressure on Fage in recent years.

In total, worldwide sales dropped 7.9 percent in the first half of 2018 to reach 294.9 million dollars, a decrease of 25.3 million dollars compared to sales worth 320.2 million dollars in the same period last year.

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