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- Nestle SA's NSRGY NSRGF Chief Executive Officer Mark Schneider said inflation will remain an issue in 2023.
- "This is a situation no one wished for," CEO Mark Schneider said in an interview with Bloomberg Television.
- "We are seeing huge upward pressure on energy, some agricultural commodities, and transportation costs."
- Consumers have been willing to absorb higher costs despite inflation that's squeezed household budgets and lifted manufacturers' raw material costs. The goods sold eased by 0.2% in Q3 as Nestle raised prices by 9.5%.
- The CEO said Nestle hadn't passed all its higher input costs onto consumers. Higher energy prices also risk demand for Nestle as consumers switch to cheaper products.
- Schneider said wages would add to cost pressure next year.
- The Swiss food conglomerate reported sales of CHF 69.1 billion for nine months ending September. Organic growth reached 8.5%. Pricing was 7.5%, reflecting significant cost inflation.
- The company expects full-year revenue growth of about 8% and an operating margin of 17%, which would be the second consecutive annual decline.
- Nestle plans to buy Seattle's Best Coffee brand from Starbucks Corporation SBUX for an undisclosed price.
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