IFF revenue soars 17% in Q1 2010
Strong quarter for fragrance business unit drives sales growth
Sales figures for International Flavors & Fragrances Inc grew an impressive 17% in the first quarter of 2010 as compared to the prior year period, reaching $654m, an increase of 13% excluding the impact of foreign currency.
The company’s fragrance business increased 18% in local currency sales, with strong results in all categories. Fine fragrance reversed its recent downward trend growing at a double-digit rate, while beauty care performance continued to build momentum. Sales also improved in functional fragrance and fragrance ingredients, according to IFF.
Meanwhile IFF’s flavour unit grew 8% in local currency sales in the first quarter.
Doug Tough, IFF’s chairman and ceo said: “we continue to be mindful that economic conditions remain fluid and that a portion of our success can be attributed to the benefits of customer restocking as well as favourable comparisons versus a soft year-ago period.
“Nonetheless, we feel confident that the underlying health of our commercial performance is strong and as a result we will continue to monitor our performance throughout the balance of the year as we look to make targeted investments to strengthen our market.”