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Nestle has made good on its vow to up prices to protect margins, with a 10% hike on average in the first quarter of 2023. Ice cream and pet food saw the highest rises.
Nestle raised prices by 8.2% in 2022, but CEO Mark Schneider had warned further rises were to come to defend its margins.
Nestle SA on Tuesday reported a rise in sales volumes in the first quarter of the year as the company stepped up pricing against significant cost inflation.
Legal & General is among activist investors pressuring Nestle S.A. (OTC:NSRGF, VTX:NESN) to ramp up sales targets of healthier goods, ahead of the food and drink conglomerates' annual meeting on Thursday.
Yfood, one of the direct-to-consumer food tech startups that has emerged over the last decade around the concept of meal replacement drinks, is bulking up. Nestle, the food and drink behemoth, has acquired 49.95% of the company's shares, with the option to buy Yfood's outstanding shares over the next few years.
Nestle will examine its banking relationships following the planned takeover of Credit Suisse by UBS , the food group's Chief Executive Mark Schneider said on Tuesday.
Food and beverage brands are gaining value in the post-pandemic economy.
Nestle demonstrated real pricing power in 2022, as it's one of very few staple companies that were able to grow sales in terms of mix and volume. After years of 'Diworsification', Nestle's management is focused on profitability, ROIC, and risk-adjusted growth.
"Inflation has left its mark on gross margins and profit margins," Nestlé CEO Mark Schneider said. "Clearly, some repairing still needs to be done."
Nestle SA (OTCPK:NSRGY) Q4 2022 Earnings Conference Call February 16, 2023 8:00 AM ET Company Participants Luca Borlini - Head, IR Mark Schneider - CEO François Roger - EVP & CFO Conference Call Participants Jon Cox - Kepler Cheuvreux Guillaume Delmas - UBS Celine Pannuti - JPMorgan Chase & Co. Patrik Schwendimann - Zürcher Kantonalbank Jeremy Fialko - HSBC John Ennis - Goldman Sachs Group Jeffrey Stent - BNP Paribas Exane Bruno Monteyne - Sanford C. Bernstein & Co. Thomas Sykes - Deutsche Bank James Jones - RBC Capital Markets David Hayes - Societe Generale Warren Ackerman - Barclays Bank Luca Borlini Good afternoon, and good morning to everyone.