Nestlé saw organic sales growth of 7.6% in the first quarter of 2022, spurred in part by the company raising the prices of its products.
Nestlé saw organic sales growth of 7.6% in the first quarter of 2022, spurred in part by the company raising the prices of its products.
Total sales reached $22.98 billion, an increase of 5.5% over the first quarter of 2021. Sales in North America actually dropped by 1.5%, but that was counterbalanced by increased sales in Latin America, China and other locations.
Part of the sales increases came about because of price increases. Nestlé products increased in price by more than 5%, with North America seeing the biggest increase, at 8.5%. Latin America was second, with 7.7%.
“We [have] stepped up pricing in a responsible manner and saw sustained consumer demand,” CEO Mark Schneider said in a statement quoted by CNN. “Cost inflation continues to increase sharply, which will require further pricing and mitigating actions over the course of the year.”
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