Nestle, renowned for its Nescafe coffee and Purina pet food, has lowered its revenue outlook for the year after increased prices led to a dip in consumer interest in their branded items. The company anticipates a 2 per cent rise in organic sales in 2024, a notable decrease from their July forecast of a 3 per cent increase, as declared in a recent Thursday statement. The sales during the initial nine months of this year observed a 2 per cent escalation.
In a sudden move last month, Mark Schneider was replaced by Laurent Freixe as Nestle’s chief executive. Freixe, an insider who made his ascent within the Swiss company’s executive echelons with a focus on roles such as marketing and sales, supersedes an outsider, formerly managing a healthcare firm. Freixe is now tasked with the mission of reviving investor assurance following recent missteps, as reported by Bloomberg.