Nestle SA cut its revenue guidance for the year as it struggles to rebuild market share after higher prices turned consumers off branded products.
The maker of Nescafe coffee and Purina pet food now expects organic sales to rise around 2% in 2024, below the previous forecast of at least 3% announced in July, the company said in a statement Thursday. Sales climbed 2% in the first nine months of the year.
Nestle abruptly replaced Chief Executive Officer Mark Schneider with Laurent Freixe last month, shifting from an outsider who previously ran a health-care company to an insider who climbed the Swiss company’s executive ranks focusing on functions like marketing and selling.
Freixe is attempting to restore investor confidence after recent stumbles.
Comments are closed.