Acquisitions, net of divestitures, added 2.1% to sales, while foreign exchange had an impact of -0.9%.
“In the first half, we delivered a balanced performance, both top and bottom line, in an environment of lower growth and lower input costs,” said CEO Paul Bulcke. “Organic growth was somewhat muted, reflecting lower pricing by our markets, as we leveraged softer input costs to meet the expectations of today’s more value-conscious consumers. This, combined with substantially increased investment behind our brands, delivered stronger volume growth momentum, whilst at the same time we were able to improve the operating margin.
“We expect this growth momentum to continue in the second half, allowing us for the full year to deliver, in line with our commitments, around 5% organic growth with an improvement in margins and underlying earnings per share in constant currencies.”
Source: Nestlé
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