Givaudan’s first-quarter 2011 sales dipped 5.1 percent to 1.01 billion Swiss francs, or $1.08 billion, against the same prior-year period.

This story first appeared in the April 11, 2011 issue of WWD.  Subscribe Today.

In local currencies, revenues at the Vernier, Switzerland-based flavors and fragrances supplier increased 3.1 percent.

Givaudan’s fragrance division registered revenues of 467.4 million Swiss francs, or $496.5 million, down 5.7 percent. In local currencies, sales gained 1.7 percent. Dollar figures are converted at average exchange rates for the corresponding period.

The company said its fine fragrance activities grew 3.1 percent in local currencies, driven in part by strong growth in Latin America. Givaudan noted a sales decline in Europe and North America reflected a high comparable due to last year’s restocking.

In local currencies, the company’s consumer products business grew sales 0.7 percent, while revenues from fragrance ingredients climbed 5.2 percent.

Givaudan reiterated its objective of growing organically between 4.5 percent and 5.5 percent yearly, assuming the market is up between 2 percent and 3 percent, and to continue gaining market share during the next five years.