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%.