Nestlé sales fell by almost 6% in the first quarter as the FMCG group hiked its prices.
Sales dropped 5.9% to £19.4bn (22.1bn Swiss Francs) as KitKat maker revealed that its prices have increased 3.4% globally and 4.6% in Europe in the first three months of 2024.
Nestlé identified its Purina PetCare range as a star performing over the first quarter. In contrast, there was an overall drop in drink sales, including its Coffee Mate brand.
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Nestlé CEO Mark Schneider said: “We had expected a slow start and see a strong rebound in RIG [real internal growth] in the second quarter with reliable delivery for the remainder of the year. A wide range of growth initiatives across the group are now starting to deliver.
“Nestlé’s top priorities remain to execute with excellence, leverage our science and nutrition expertise and drive growth with our billionaire brands. We reiterate our 2024 guidance and look ahead with confidence.”
The quarter marks an improvement in performance for the food and drink manufacturer, which experienced a lower-than-expected 2023 full-year performance, as it blamed inflation for weaker consumer demand.
