Nestle Q1 Report 2024

Mark Schneider, Nestlé CEO, commented: “We had expected a slow start and see a strong rebound in RIG in the second quarter with reliable delivery for the remainder of the year. A wide range of growth initiatives across the Group are now starting to deliver.

In North America, we have stepped up our innovation intensity and commercial activities, primarily in frozen food, which lost ground in the first quarter. The integration plan for Nestlé Health Science’s vitamins, minerals and supplements business is on track, with the turning point expected in the second quarter and strong growth thereafter.

Highlights

• Organic growth of 1.4%, with pricing of 3.4% and real internal growth (RIG) of -2.0%.
• Total reported sales were CHF 22.1 billion, a decrease of 5.9% (3M-2023: CHF 23.5 billion). Foreign exchange decreased sales by 6.7%. Net divestitures had a negative impact of 0.6%.
• Overall, organic sales growth for the Group was driven by Europe and emerging markets, with a negative impact from North America.
• Full-year 2024 outlook confirmed: we expect organic sales growth of around 4% and a moderate increase in the underlying trading operating profit margin. Underlying earnings per share in constant currency is expected to increase between 6% and 10%.