Nestle shares fell on Thursday after the world’s largest food seller reported a sharper-than-expected drop in its full-year sales, caused by cost conscious customers balking at higher prices.
“Unprecedented inflation over the last two years has increased pressure on many consumers and impacted demand for food and beverage products,” Nestle CEO Mark Schneider said. Nestle’s NESN, -4.27% Switzerland listed shares fell 4% on Thursday having fallen by 13% over the previous 12 months. Nestle’s reported sales also fell 1.5% to 93 billion Swiss francs , even as the Nescafe maker increased its gross profit margins to 45.9%, up from 45.2% in 2022, in line with plans to achieve gross margins of 50% in the longer term.
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