21. April 2022
Price hikes fueled food giant Nestle’s growth in the first quarter.
The turnover of the Swiss group climbed from January to March to 22.2 billion francs (about 21.5 billion euros), as Nestle announced on Thursday.
The manufacturer of Nespresso, Maggi and KitKat thus achieved an increase of 7.6 percent adjusted for acquisitions, sales of divisions and currency effects.
According to a company survey, analysts had expected organic growth of 5.0 percent and sales of CHF 21.69 billion.
The growth consisted of volume increases of 2.4 percent and price increases of 5.2 percent.
With the higher prices, the group is reacting to rising costs for raw materials, packaging, energy and transport. Nestle reiterated the outlook for the full year.