Nestlé says it will keep hiking prices in 2023, and that its rivals will have to do the same | Business Insider

Food and drinks conglomerate Nestlé says it will continue putting up prices in 2023.The company said"gravity" will eventually mean its competitors have to do the same.Nestlé, the world's largest consumer food company, which owns brands such as Nesquik and Nescafé in the US, says it will continue hiking its prices in 2023.

"Inflation has left its mark on gross margins and profit margins," CEO Mark Schneider told investors."And clearly, some repairing still needs to be done." The Swiss conglomerate said at its fourth-quarter earnings call on Thursday that the price increases would be targeted rather than across the board.by 11.6% in North America in 2022, and 8.2% globally. Pet care, prepared dishes, cooking aids, milk products, and ice cream had the largest price increases globally.

"In 2022, pricing became the largest contributor to growth," CFO François Roger said, meaning that price increases led to more growth in revenues as sales growth declined. Nestlé execs said that the company put up prices because of cost inflation, though they noted that higher prices and operating efficiencies weren't enough to fully offset inflation in most product categories. Poor weather, Russia's invasion of Ukraine, and rising wages have all contributed to higher input costs. In the US, the consumer price index – a measure of inflation –

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

WATCH | Jeff Bezos' R9 billion megayacht sets sail for its first sea trials | Business InsiderJeff Bezos' yacht sparked uproar when its passage threatened to the dismantling of a historic bridge. Now, it's hitting open water for the first time.
La source: BISouthAfrica - 🏆 34. / 51 Lire la suite »

Microsoft has pretty much admitted its Bing chatbot can go rogue if prodded | Business InsiderSome users say they have found ways to prompt Microsoft's new AI-boosted Bing to argue with them and express anger.
La source: BISouthAfrica - 🏆 34. / 51 Lire la suite »

Warren Buffett's right-hand man says Elon Musk is gifted but weird | Business InsiderCharlie Munger said he doesn't bet on Musk or against him, and touted BYD as one of his greatest contributions to Buffett's Berkshire Hathaway. I’m didn’t need him to tell me. I’m ok with weird. You know , diversity etc.
La source: BISouthAfrica - 🏆 34. / 51 Lire la suite »

Tim Cook's mysterious silence on ChatGPT is making Apple look out of touch | Business InsiderApple must show it will integrate AI like ChatGPT into products even though it's not known for AI innovation. It's a tall order for a company facing plenty of other challenges.
La source: BISouthAfrica - 🏆 34. / 51 Lire la suite »

Headloading puts girls at risk of falls and leaves them in pain, study finds | Business InsiderGirls are prone to losing their balance when they negotiate steep and rocky terrain with water, firewood and food on their heads, sports rehabilitation experts found in the first South African study of its kind.
La source: BISouthAfrica - 🏆 34. / 51 Lire la suite »

Alex Jones bankruptcy filing shows he has guns that belong to January 6 rioters | Business InsiderThe bankruptcy filing says he has approximately $10 million in assets. It's unclear how many firearms he's holding or where they are being kept.
La source: BISouthAfrica - 🏆 34. / 51 Lire la suite »