Nestle Trims Sales Guidance Amid Challenging Pricing Environment
By Dominic Chopping
Nestle trimmed its sales guidance for the year due to a more challenging pricing environment.
The Swiss maker of KitKat chocolate bars and Nescafe coffee said Thursday that pricing is being pressured due to increased promotional activity, innovation investments and as the basis of comparison is distorted by large price increases last year.
It now expects to report organic sales growth of at least 3% this year, from around 4% previously.
"We have seen pricing come down faster than expected. Therefore, we consider it prudent to adjust our guidance for the year," Chief Executive Mark Schneider said.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 25, 2024 01:41 ET (05:41 GMT)
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