KitKat and Nescafe owner Nestle says it's raised prices by nearly 10% so far this year
Publishing timestamp: 2023-04-25 05:59:27
Summary
Nestle raised prices by 9.8% in the first quarter due to significant cost inflation, resulting in higher sales revenue but a 0.5% fall in sales volume. The company saw growth in pet care, coffee, and confectionery, and limited consumer downgrading related to prices. Other consumer goods firms have also been raising prices due to input cost pressure, but have faced accusations of greedflation. Nestle reaffirmed its 2023 guidance of 6-8% organic sales growth and 17-17.5% underlying operating margin.
Sentiment: NEUTRAL
Keywords: food and drink, business news, nestle sa, unilever plc, retail industry, earnings,
Source: https://www.cnbc.com/2023/04/25/nestle-says-its-raised-prices-by-10percent-this-quarter.html