Nestle's Profits Soar with Record Price Hikes in Q1.
Nestle, the Swiss-based consumer goods firm, has raised prices by 9.8% in the first quarter due to significant cost inflation. The company reported sales revenue up 5.6% in the three-month period, but sales volumes fell 0.5%. Nestle raised prices by 8.2% last year and saw sales volumes up by 0.1%. The company still saw growth in categories including its Purina PetCare range and coffee, while confectionery sales grew in the double digits. Nestle reaffirmed its 2023 guidance of 6-8% organic sales growth and 17-17.5% underlying operating margin.
