LONDON (Reuters) -Nestle reported full-year organic sales growth slightly below expectations on Thursday as the world's biggest packaged food company continued to hike prices, prompting some shoppers to turn to competing brands. The Swiss firm also said it expects organic sales growth of around 4% in 2024, and a "moderate increase" of its underlying trading operating profit (UTOP) margin. The 2023 UTOP margin was 17.3%, up by 40 basis points in constant currency.
Sales for the quarter decreased 1.1 percent. Organic sales increased 1.6 percent, foreign currency translation increased sales 0.8 percent and divestitures decreased sales 3.5 percent.Gross profit margin increased to 50.2 percent in the second quarter of fiscal 2024 compared to 48.0 percent in the second quarter of fiscal 2023.Diluted EPS increased 18.4 percent to $0.90 in the second quarter of fiscal 2024 compared to $0.76 in the same quarter of the prior year. Diluted EPS Excluding Certain Ite
Strong H2 23, marking the return to the long-term profitability algorithm PRESS RELEASE Amsterdam, 21 February 2024 Key items1 Organic sales up +3.9% (H2 23: +4.3%), with positive volume/mix momentum in H2Organic adj. EBIT up +1.1% (H2 23: +5.5%); up more than 6% FY when excluding Russia's performanceOrganic adj. gross profit increased +2.9% (H2 23: +4.7%), from premiumisation and efficienciesFree cash flow of EUR 522 million and leverage of 2.7x, despite currency headwindsUnderlying EPS of EUR