News Brief
Nestle's Q1 Sales Up 6% After Price Hikes
Apr 22, 2008, 5:00 AM
The world's largest food company, maker of Nescafe coffee and Kit Kat chocolate bars, increased prices by the most in a decade.
Revenue climbed to $25 billion in the three months ended March 31, up from $23.8 billion in the year-ago period, the Vevey, Switzerland-based company said on Monday.
The maker of Jenny Craig diet meals raised prices by about 3% on average last year as coffee, cocoa and sugar got more expensive. About 70% of Nestle's food and drink revenue is derived from 30 brands with sales of nearly $1 billion each, giving the company scope to charge more as consumer spending wanes.
Nestle fell 1.7% in Zurich trading Monday as the company reported shrinking U.S. market share for bottled water, the only division where sales fell.--Nina M. Lentini
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