– A Kit Kat bar may be priced at up to £1.50 in UK grocery stores like Ocado, while Nescafe Gold Blend instant coffee is often sold for up to £7 at Tesco.
Nestle, known for producing Kit Kat chocolate bars and Nescafe coffee, experienced lower-than-expected sales for the full year due to ongoing high inflation affecting customer demand.
The Swiss company announced that their total reported sales reached CHF 93bn (£83bn), showing a decline of 1.5 percent.
The confectionery company, known for items like Maggi stock cubes, reported a 7.2% increase in organic sales.
The report cited on Reuters indicated that the growth rate was lower than the predicted 7.4 per cent by analysts.
Mark Schneider, Nestlé CEO, mentioned that significant inflation in the past two years has put added pressure on many consumers and affected the demand for food and beverage products.
"Within this difficult situation, we achieved significant growth without external boosts and enhanced our profit margins by investing more in marketing and other areas of growth. Additionally, our cash flow generation has reached levels consistent with our past performance."
Forecast for the upcoming months: Nestle has projected a "moderate" rise in organic sales of around four percent.
More to come
