Nestle Q1 growth beats expectations thanks to strong price increases

Nestle group sales reached 22.2 billion Swiss francs, versus a 21.7-billion-franc estimate in the poll.

Food group Nestle on Thursday confirmed its margin and sales growth targets for 2022 after strong price increases to counter cost inflation helped organic sales rise more than expected in the first quarter.

Organic sales, which strip out currency swings, acquisitions and divestments, were up 7.6%, more than a 5.0% average forecast in a company-compiled consensus, helped by strong price increases of 5.2%, the maker of KitKat chocolate bars said in a statement.

"Cost inflation continues to increase sharply, which will require further pricing and mitigating actions over the course of the year," said the company also known for Nescafe instant coffee.

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