Nestle forecasts revenue slowdown as price hikes deter shoppers

Companies like Nestle are looking to claw back market share after the highest inflation in decades pushed shoppers to cheaper white-label products

A bird's nest logo sits on display at the Nestle SA headquarters in Vevey, Switzerland. Photographer: Stefan Wermuth/Bloomberg

Nestle reported full-year organic sales growth slightly below expectations on Thursday as the world's biggest packaged food company continued to hike prices, prompting some shoppers to turn to competing brands.

Revenue should increase about 4% in 2024 on an organic basis after gaining 7.2% last year, Nestle said Thursday. The company also expects a 6% to 10% gain in underlying earnings per share.