London – Nestle (NESN.S), the largest packaged food company in the world, increased prices on Thursday. However, it reduced sales and missed first-quarter organic sales growth projections.
Nestle, known for producing KitKat chocolate wafer bars and Maggi noodles, reaffirmed its forecast for 2024. This forecast entails a mild increase in the underlying trading profit margin and approximately 4% organic sales growth.
The company that makes Nescafe coffee and Maggi stock cubes reported 1.4% growth in organic sales for the first quarter that ended in March. Organic sales do not include the impact of currency changes and acquisitions. Analysts had projected an average 2.9% gain in organic sales.
CEO Mark Schneider said in a statement, “We had expected a slow start and see a strong rebound in RIG (sales volumes) in the second quarter with reliable delivery for the remainder of the year.”
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