World’s biggest food company sees better year ahead
Thu Feb 16 2023 - 08:37
Nestle, the world’s biggest food company, forecast profitability will probably improve after higher raw material and shipping costs led to the weakest margins in four years. The underlying operating margin should be in a range of 17 per cent to 17.5 per cent in 2023, the KitKat maker said on Thursday. The margin was 17.1 per cent last year.
Consumer-goods companies face the challenge of raising prices on consumers without driving them away. While Nestle only started seeing volume declines in the second half of 2022, rival Unilever has had drops throughout the entire year. Nestle had the fastest sales growth in more than two decades, mainly driven by pricing. The company forecast revenue growth of 6 per cent to 8 per cent this year.
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