Nestle announced that sales increased in the first quarter as the company raised prices and maintained estimates for the full year.
The Swiss consumer goods company announced quarterly sales of 22.24 billion Swiss francs ($ 23.43 billion) from 21.09 billion francs a year ago.
Analysts had forecast sales of 21.69 billion francs.
Sales in the quarter increased by 7.6% on an organic basis, with real domestic growth strengthening by 2.4% and prices by 5.2%.
“Growth was based on most areas and categories, with rising prices, continued momentum in retail sales and further recovery,” Nestle said.
Over the year, rising inflation will require further pricing measures, the chief executive said.
Nestle confirmed that it expects an increase in organic sales of around 5% and an underlying operating profit margin of between 17% -17.5% over the year.
Underlying earnings per share in fixed currency and return on capital are expected to increase.
Source: Capital
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