Nestlé has forecasted that revenue will rise this year by 3.5% as opposed to its original target of 4.2%, reports Bloomberg.
The Kit Kat and Nespresso manufacturer’s sales were lower than expected for the first nine months of 2016. The company projected that the sales revenue would rise by 3.6%. However, Nestlé missed their target by 3%, achieving a growth of 3.3% instead so far this year.
The world’s biggest food company attributed the cut to a slowing growth in emerging markets. The Swiss food giant group said that the costs of raw materials has contributed to this also. In a statement issued by the company, Nestlé CEO Paul Bulcke said, "In an environment marked by deflation and low raw material prices, we continued to privilege volume growth," He added that "Pricing remained soft but [is] increasing."
Nestlé UK & Ireland is a subsidiary of Nestlé SA and employs 8,000 employees across 20 sites in the UK and Ireland.
© 2016 - Checkout Magazine by Donna Ahern