Nestlé has adjusted its full-year guidance for 2024 to lower its sales outlook as the company revealed prices in the half-year eased “faster than expected”.

The food and drink manufacturer trade operating profit rose by 0.6% to £6.52bn (CHF 7.4bn) in the first 6 months of 2024, while its net profit remained flat at £4.9bn (CHF 5.6bn) as half-year sales fell by 2.7% to £39.6bn (CHF 45.0bn).

By category, coffee proved Nestlé’s strongest organic growth contributor with mid-single-digit growth, led by popular grocery brands Nescafé, Nespresso and Starbucks.

Nestlé added that sales in confectionery grew at a high single-digit rate, led by the popular chocolate bar brand KitKat.

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However, the FMCG added that pricing had come down faster than expected, sitting at 2% up before decelerating to 0.6% in the second quarter.

CEO Mark Schneider said this had forced the company to adjust the organic sales outlook to 3%, down from 4%.

Schneider added: “Positive real internal growth (RIG) is back. We delivered improved volume and mix growth across the group in the second quarter. Nestlé Health Science is recovering as planned and is set for a strong second half.

“Looking ahead to the remainder of the year, we will continue to drive RIG by launching innovations that address consumer trends and growing our large iconic brands.”