Nestle sales soar as price rises drive growth

Nestle (NESN.S) posted its strongest nine-month sales growth in 14 years on Wednesday and raised its full-year guidance as the world’s largest packaged food company lifted prices without losing many customers.

The maker of KitKat chocolate bars and Nescafe reported organic sales, which cut out the impact of currency movements and acquisitions, rising by 8.5% in the nine months to end-September. It was the highest nine-month rise since 2008 and was driven by higher prices aimed at offsetting rising costs.

“We delivered strong organic growth as we continued to adjust prices responsibly to reflect inflation,” the company’s chief executive Mark Schneider said.