Nestle misses full-year organic sales estimates amid price hikes © Reuters. FILE PHOTO: Nestle logos are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. REUTERS/Pierre Albouy/File Photo

LONDON (Reuters) – Nestle posted full-year organic sales growth on Thursday that was slightly worse than expected as the world’s biggest packaged food company continued to hike prices, prompting some shoppers to turn to competing brands.

Nestle said that in 2024, it expects organic sales growth of around 4% and a “moderate increase” of its underlying trading operating profit margin.

Organic sales, which exclude the impact of currency movements and acquisitions, rose 7.2% in the year ended December, the maker of Maggi stock cubes and Nescafe coffee said. Analysts had on average expected organic sales growth of 7.4%.

Nestle’s net profit rose sharply, however, by about 20% to 11.2 billion Swiss francs ($12.76 billion).

($1 = 0.8777 Swiss francs)


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