Nestlé Reports Nine-Month Sales for 2023, Coffee Sees High Single Digit Growth

By: Alexis Rubinstein, Managing Editor - Coffee Network

Thu, 19 Oct 2023, 15:09

Alexis Rubinstein

Managing Editor

CoffeeNetwork (New York) – Today, Nestle announced their financial results for the first nine months of 2023. Highlights include:

Organic growth reached 7.8%, with pricing of 8.4% and real internal growth (RIG) of -0.6%. Growth was broad-based across geographies and categories.
Total reported sales decreased by 0.4% to CHF 68.8 billion (9M-2022: CHF 69.1 billion). Foreign exchange decreased sales by 7.4%. Net acquisitions had a negative impact of 0.8%.
Portfolio management progressing. In the third quarter, Nestlé announced an agreement to acquire a majority stake in Grupo CRM, a premium chocolate company in Brazil. Nestlé also divested Palforzia, its peanut allergy treatment business, to Stallergenes Greer.
Full-year 2023 outlook confirmed: we expect organic sales growth between 7% and 8% and underlying trading operating profit margin between 17.0% and 17.5%. Underlying earnings per share in constant currency is expected to increase between 6% and 10%.
Coffee saw high single-digit growth, with positive sales developments across brands and channels. Starbucks products reported strong growth, supported by innovation and the launch of ready-to-drink offerings in South-East Asia and Oceania.

Nespresso

Organic growth was 5.2%, with pricing of 3.5%. RIG was 1.6%, reaching 3.5% in the third quarter. Foreign exchange negatively impacted sales by 5.7%. Reported sales in Nespresso decreased by 1.2% to CHF 4.6 billion.

The key growth contributor was the Vertuo system, which continued to see broad-based momentum. Growth in out-of-home channels was also strong, with further adoption of the Momento system, particularly in the office segment. Innovation continued to resonate with consumers, following the launch of home compostable coffee capsules in France and Switzerland.

By geography, North America posted double-digit growth, with continued market share gains. Europe reported positive growth. Other regions combined saw low single-digit growth.

Zone North America

Organic growth was 8.0%, with pricing of 8.9%. RIG was - 0.9%, reflecting portfolio optimization actions and capacity constraints. Net divestitures reduced sales by 2.2%, as a result of the divestment of a majority stake in Freshly as well as the disposal of the Gerber Good Start infant formula brand. Foreign exchange had a negative impact of 6.1%. Reported sales in Zone North America decreased by 0.3% to CHF 19.0 billion.

Sales for Nestlé Professional and Starbucks out-of-home continued to grow at a strong double-digit rate, led by new customer acquisition and e-commerce momentum. The beverages category, including Starbucks products, Coffee mate and Nescafé, posted mid single-digit growth.

Zone Europe

Organic growth was 8.8%, with pricing of 11.1%. RIG was - 2.3%, following capacity constraints and portfolio optimization actions. Foreign exchange negatively impacted sales by 5.2%. Net divestitures reduced sales by 2.4%. Reported sales in Zone Europe increased by 1.3% to CHF 14.1 billion.

Coffee saw mid single-digit growth, with particular strength for Nescafé. In September, the Zone launched Nescafé Dolce Gusto Neo paper-based pods in France and Switzerland.

Zone Asia, Oceania and Africa (AOA)

Organic growth was 8.6%, with flat RIG. Pricing increased to 8.6%, with broad-based contributions from all geographies and categories. Foreign exchange reduced sales by 13.3%. Reported sales in Zone AOA decreased by 4.8% to CHF 13.2 billion.

Coffee saw high single-digit growth, with robust demand for Nescafé and Starbucks products and strong commercial execution.

Zone Latin America

Organic growth was 10.0%, with pricing of 10.5%. RIG was - 0.6%, turning slightly positive in the third quarter. Foreign exchange had a negative impact of 4.3%. Reported sales in Zone Latin America increased by 5.7% to CHF 9.1 billion.

Coffee reported broad-based double-digit growth, supported by Nescafé soluble coffee. Recent launches such as Nescafé Dolce Gusto Neo and Nescafé Farmers Origins, resonated strongly with consumers in Brazil.

Zone Greater China

Organic growth was 4.9%, with pricing of 2.6%. RIG was 2.3%. Foreign exchange had a negative impact of 10.6%. Reported sales in Zone Greater China decreased by 5.7% to CHF 3.6 billion.

Coffee reported low single-digit growth, supported by ready-to-drink offerings.

Alexis Rubinstein

Coffee

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