Nestlé Plans To Hike Prices In 2023: Report - Nestle (OTC:NSRGY)

Nestlé ADR NSRGY Chief Executive Mark Schneider reportedly said the food major is likely to raise prices further in 2023.
The remark is made as raw material price rise has led to the company's FY22 profit miss, Reuters reported.
However, Schneider did not disclose the rate of price rise.
Nescafe instant coffee and KitKat chocolate bars maker had raised prices by 8.2% in 2022, the report added.
"Our gross margin is down about 260 basis points - that is massive. That is after all the pricing we have done in 2022," Schneider told.
"We have some markets, like the U.S. and U.K., where we see strong continued inflation, and other markets like China and like here in Europe… where inflation is more muted."
The company's FY22 net profit decreased by 45.2% to CHF 9.3 billion and net profit margin decreased by 960 basis points to 9.8%.
Nestlé expects FY23 organic sales growth between 6% and 8% and underlying trading operating profit margin between 17.0% and 17.5%.
Price Action: NSRGY shares closed lower by 0.66% at $120.18 on Wednesday.