The world\u0027s biggest food group Nestle will raise prices further this year, Chief Executive Mark Schneider said on Thursday.
The maker of Nescafe instant coffee and KitKat chocolate bars raised prices by 8.2% last year, but that did not fully offset the impact of increased costs for ingredients on margins.
“We have some markets, like the U.S. and U.K., where we see strong continued inflation, and other markets like China and like here in Europe… where inflation is more muted,” Schneider said.Article content Barclays analyst Warren Ackerman said he expected “almost all” of the lower-than-estimated volumes would be the result of Nestle rethinking the variety of products it makes and supply chain constraints.
Schneider said that in most cases, the impact to volumes did not signal consumers trading down to cheaper private label products.Shareholders’ net profit fell to 9.27 billion Swiss francs, missing expectations for 11.58 billion francs, although the consensus forecast did not account for the impairment at Nestle’s Aimmune subsidiary last year, analysts said.
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