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7/27/2023, 7:18 AM (Source: TeleTrader)
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Nestle's H1 sales up 2% to 46.3B Swiss francs

Nestle S.A. stated on Thursday that its sales for the first half of fiscal 2023 amounted to 46.3 billion Swiss francs, increasing 2% compared to the same period in 2022.

The company's organic growth reached 8.7% in the six-month period. Net profit was up 8% to 5.6 billion Swiss francs and earnings per share (EPS) jumped 11% to 2.13 Swiss francs, while underlying EPS climbed 11% to 2.43 Swiss francs. Nestle increased its 2023 outlook, stressing it now sees organic sales growth between 7% and 8% this year and expects an increase in underlying earnings per share of between 6% and 10%.

"Based on the strong performance in the first half of the year we upgrade our organic sales growth outlook for 2023. At-home consumption post-COVID has now normalized, removing a growth drag on some of our categories. Out-of-home channels continue to see strong growth momentum," CEO Mark Schneider said.

Baha Breaking News (BBN) / NP