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Thursday, May 23, 2024

Nestlé sales rise on higher prices

Nestlé has posted better-than-expected sales in the first three months of the year, aided by price rises to offset rising commodities and supply chain costs.

The world’s largest food company reported an increase in sales of 5.6 percent to 23.5 billion Swiss francs (23.9 billion euros).

Mark Schneider, Nestlé CEO, said: “Nestlé delivered strong organic growth in the first quarter, as our teams worked diligently to protect volume and ensure resilient mix. Portfolio optimization efforts and responsible pricing helped to offset the ongoing pressures from two years of cost inflation.”

By product category, Purina PetCare was the largest contributor to organic growth, fuelled by strong momentum for science-based and premium brands Purina ONE, Purina Pro Plan and Friskies. Coffee saw high single-digit growth, with positive sales developments for Nescafé, Starbucks and Nespresso. Sales in confectionery also grew at a double-digit rate, with strong growth for KitKat and seasonal products such as Quality Street.

 

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