Nestle sales grow on back of price increases

Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/tvpatrol/02/17/nestle.jpg" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/tvpatrol/02/17/nestle.jpg"/><figcaption>Nestle logo is seen at the 3rd China International Import Expo in Shanghai, China, 07 November 2020 (reissued 17 February 2021). <em>EPA-EFE/ALEX PLAVEVSKI/FILE</em></figcaption></figure></div><p>ZURICH, Switzerland — Swiss food group Nestle on Tuesday reported better-than-expected sales in the first three months of the year, helped by price increases to offset inflation and demand for its staple products.</p><p>Nestle, which makes Nespresso capsules, Maggi bouillons, KitKat chocolate bars and Purina pet food, reported an increase in sales of 5.6 percent to 23.5 billion Swiss francs (23.9 billion euros).</p><p>Organic sales -- excluding currency movements or mergers or acquisitions -- rose 9.3 percent, higher than analyst expectations of 7.3 percent.</p><p>The group&#x27;s pet food was the biggest contributor to organic growth, Nestle said, alongside double-digit growth in confectionary products including KitKat bars.</p><p>Nestle CEO Mark Schneider said the group had &quot;delivered strong organic growth in the first quarter, as our teams worked diligently to protect volume and ensure resilient mix.&quot;</p><p>&quot;Portfolio optimization efforts and responsible pricing helped to offset the ongoing pressures from two years of cost inflation,&quot; he said.</p><p>Nestle is targeting a full-year sales increase of between 6 and 8 percent.</p><p>The group also said Tuesday it was setting up a joint venture for its frozen pizza business in Europe with private equity firm PAI Partners, subject to the approval of regulators. Nestle will retain a minority stake in the joint venture.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/14/20/nestl-philippines-shifts-to-paper-straws-for-ready-to-drink-products">Nestlé Philippines shifts to paper straws for ready-to-drink products</a></li>	<li><a href="https://news.abs-cbn.com/business/02/17/23/nestle-absolut-owner-to-hike-prices-again-amid-high-costs">Nestle, Absolut owner to hike prices again amid high costs</a></li>	<li><a href="https://news.abs-cbn.com/business/10/07/21/nestl-says-aims-to-plant-35-million-trees-in-ph">Nestlé says aims to plant 3.5 million trees in PH starting in Mindanao</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2593093" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Nestle reported better-than-expected sales in the first three months of the year, helped by price increases to offset inflation and demand for its staple products.

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Nestle sales grow on back of price increases

Nestle sales grow on back of price increases

Agence France-Presse

Published Apr 25, 2023 03:05 PM PHT

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Nestle

Nestle sales

net income

beverages

Purina

Kit Kat

pet food

Nespresso

Maggi

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