Prime News

​Pricing Hikes Lift Nestle's First-Quarter Sales

Nestle SA posted first quarter revenue growth which surpassed analysts' estimates. The world's biggest food company also posted an increase in pricing amid the weak consumer market, an indication of improvement in the stagnant food and beverage industry.

Sales climbed 2.3 percent during the period, compared to analysts' projections of 2 percent growth. Nestle's pricing rose by 1 percent, up from the 0.9 percent during the fourth quarter. The firm's stock advanced as much as 1.1 percent.

Nestle's upbeat results comes the same day Unilever delivered better than expected revenue growth, giving a glimpse of hope that the F&B market may show indications of recovery according to analysts.

In February, Nestle's new CEO Mark Schneider scrapped sales and profit projections it has stuck to for a decade and replaced them with an aim to drive up revenue by 2020.

Revenue in Europe, Middle East and North Africa markets climbed 1.7 percent, beating estimate of 0.5 percent growth. In the region covering Asia, Oceania and Africa, revenue growth clocked in at 4.5 percent, significantly higher than the expected 2.5 percent. Nestle reaffirmed its 2017 projection of 2 to 4 percent growth.
Recommend: Prime News
UK Government Cuts Lloyds Bank State below 1%
28 Apr 2017, 07:37 UTC+00   
Views today: 1490 
Crude Prices Advance on Potential OPEC Deal Extension
28 Apr 2017, 04:20 UTC+00   
Views today: 1479 
Alphabet’s Profit Buoyed by Strong Ad Sales
28 Apr 2017, 02:41 UTC+00   
Views today: 1473 
Gold Little Changed, Poised for Largest Weekly Decline in 7 Weeks
28 Apr 2017, 02:28 UTC+00   
Views today: 1470 
Japan Seeks Currency Swap Scheme with ASEAN Countries
28 Apr 2017, 03:08 UTC+00   
Views today: 1466 

All Prime news