Sales down at Nestle after price hikes

The company, which makes popular brands including KitKat and Nescafe, has been increasing prices following supply chain pressures in the wake of COVID and the war in Ukraine.

Nestle, the world’s biggest packaged food company, has reported a fall in sales after hiking its prices.

The KitKat and Nescafe maker missed first-quarter sales estimates, the company revealed on Thursday, with business particularly hit in North America.

Total reported sales dropped by 5.9% internationally to 22.1bn Swiss Francs (£19.4bn) in the first three months of 2024, compared to the same period the year before.

Prices were up 3.4% globally and 4.6% in Europe.

Nestle said its Purina PetCare range was a strong driver of growth during the quarter, while there was an overall fall in drinks sales, including its Coffee Mate brand.