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​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.
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