Nestle profits fall after raising prices

The food and drinks giant Nestle have reported a fall in sales as prices have increased globally.

The KitKat and Nescafe maker reported in the first three months of the year total sales of 22.1 billion Swiss francs, which is a fall of 5.9% compared to 23.5 billion on Swiss francs the previous year of the same period.

Mark Schneider, Nestle’s chief executive, said, “In North America, we have stepped up our innovation intensity and commercial activities, primarily in frozen food, which lost ground in the first quarter.

“Nestle’s top priorities remain to execute with excellence, leverage our science and nutrition expertise and drive growth with our billionaire brands. We reiterate our 2024 guidance and look ahead with confidence.”