- Jewish school in Canada hit by gunfire for second time
- With medical report Harris seeks to play health card against Trump
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- China offers $325 bn in fiscal stimulus for ailing economy
- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
Nestle sales grow on back of price increases
Swiss food group Nestle on Tuesday reported better-than-expected sales in the first three months of the year, helped by price increases to offset inflation and demand for its staple products.
Nestle, which makes Nespresso capsules, Maggi bouillons, KitKat chocolate bars and Purina pet food, reported an increase in sales of 5.6 percent to 23.5 billion Swiss francs (23.9 billion euros).
Organic sales -- excluding currency movements or mergers or acquisitions -- rose 9.3 percent, higher than analyst expectations of 7.3 percent.
The group's pet food was the biggest contributor to organic growth, Nestle said, alongside double-digit growth in confectionary products including KitKat bars.
Nestle CEO Mark Schneider said the group had "delivered strong organic growth in the first quarter, as our teams worked diligently to protect volume and ensure resilient mix."
"Portfolio optimization efforts and responsible pricing helped to offset the ongoing pressures from two years of cost inflation," he said.
Nestle is targeting a full-year sales increase of between six and eight percent.
Jean-Philippe Bertschy, an analyst at investment manager Vontobel, said that quarterly report "once again demonstrates Nestle's strong pricing power and the attractiveness of its brands."
Sales volumes, however, fell by 0.5 percent, due to "capacity constraints" and "portfolio optimization actions" the group said. This was still a smaller drop than analysts had forecast.
The group also said Tuesday it was setting up a joint venture for its frozen pizza business in Europe with private equity firm PAI Partners, subject to the approval of regulators. Nestle will retain a minority stake in the joint venture.
It comes after Nestle last month suspended work at a French plant where frozen pizzas were suspected to be behind deadly food poisonings in children last year.
A.Zimmermann--CPN