Slowing sales in maturing markets drop Nestlé below expectations

Nestlé toned down expectations for full-year sales after slower third quarter growth showed the impact of softening demand in Asia and falling prices in Europe on the world’s largest food company.

The sales figure was below forecasts and Nestlé executives made it clear they expected 2014 growth closer to 4.5% than the company’s formal 5% target. Shares in Nestlé, the maker of KitKat chocolate bars and Nescafe coffee, fell more than 3%.

Food companies are facing tough conditions as prices in developed markets decline and growth slows in emerging markets.