Nestle results miss forecasts

City A.M. Reporter
NESTLE, the world’s biggest food group, missed first-half sales forecasts and trimmed its 2013 target yesterday after it cut some prices in Europe in a bid to lure recession-hit shoppers.

The firm said underlying sales rose 4.1 per cent in the first half, implying a deterioration from 4.3 per cent in the first quarter, mainly due to weakness in Europe, where sales slowed to 0.6 per cent.

Nestle said first-half net profit rose 3.7 per cent to SFr5.1bn (£3.3bn), while total sales reached SFr45.2bn, in line with estimates.