Food company said price increases were passed on to consumers, and forecast more as the war in Ukraine raises costsZurich — Nestlé on Thursday confirmed it expects to grow sales by about 5% and keep margins broadly stable this year after higher pet food, dairy and coffee prices didn’t deter consumers in the first quarter, and forecast more price increases.
“We stepped up pricing in a responsible manner and saw sustained consumer demand. Cost inflation continues to increase sharply, which will require further pricing and mitigating actions over the course of the year,” the company said. At Nestlé, organic sales, which strip out currency swings and M&A, were up 7.6%, beating a 5% average forecast in a company-compiled consensus, thanks to price increases of 5.2%.
Nestlé has stopped selling non-essential products in Russia, but still supplies infant formula and medical nutrition despite pushback from employees in Ukraine.
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