Nestle confirms 2024 targets despite weak first quarter

Swiss food and beverage giant Nestle SA reported that its total sales for the first-quarter declined 5% year-over-year to 22.1 billion Swiss francs ($24.1 billion).

Foreign exchange decreased sales by 6.7%. Net divestitures had a negative impact of 0.6%.

Quarterly group organic sales growth was 1.4%, driven by Europe and emerging markets, with a negative impact from North America.

Looking ahead for full-year 2024, the company still expects organic sales growth of around 4% and a moderate increase in the underlying trading operating profit margin.

Underlying earnings per share in constant currency is expected to increase between 6% and 10%.