Nestle full year profit misses forecasts despite price increases
Tweet
Share
E-mail
FILE PHOTO: Jars of Nescafe Gold coffee by Nestle are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. REUTERS/Pierre Albouy/File Photo
ZURICH (Reuters) - Nestle reported weaker than expected full year net profit despite the world's biggest food group passing on higher raw material costs by hiking prices for customers.
The maker of the KitKat chocolate bar and Nescafe instant coffee said its net profit attributable to shareholders fell to 9.3 billion Swiss francs ($10.08 billion), missing forecasts for 11.6 billion francs in a company gathered consensus of analysts.
Net profit fell from 16.9 billion francs a year earlier when the company made a big gain from selling part of its stake in L'Oreal and as margins dipped slightly during the year.
($1 = 0.9228 Swiss francs)
(Reporting by John Revill, Editing by Rachel More)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FOMC minutes from July 28-29th meeting
- Canada to impose retaliatory tariffs on US steel, electronics, other products, Carney says
- Gunmen abduct worshippers from Nigeria mosque, police say
Create E-mail Alert Related Categories
ReutersRelated Entities
Raising PricesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
