In total, 3 of Nestlé’s pet brands recorded double-digit growth over its most recent 9-month earning period.
Swiss giant Nestlé has released its 9-month earnings report, with Purina Petcare leading the company in terms of organic growth at 13.1%. Total revenue in the segment reached CHF 14 billion ($15.5B/€14.7B), up from CHF 13.2 billion ($14.6B/€13.9B) over the last 9-month period.
Purina ONE, Pro Plan and Felix pet products all recorded double-digit growth. Europe was highlighted as the zone that showed Purina PetCare as a main contributor to growth.
CEO Mark Schneider commented on the news, highlighting the brands’ “strong organic growth.” “Growth was driven by pricing as we continued to navigate historic inflation levels. The recovery of our volume and mix is underway,” the CEO adds.
According to Market Screener, the company’s shares dropped almost 2% following the 9-month report.
Several reports have underscored Nestlé’s struggle with inflation during these economically challenging times.
Looking at revenue brought in between the half-year 2022 and the 9-month reporting period in 2022 compared to the same periods this year, there is minor development.
Data shows that since the last earnings report in July, revenue rose by CHF 4.63 billion ($5.15B/€4.88B). Comparing this figure with the same period in 2022, revenue in the category went from CHF 8.58 billion ($9.5B/9B) to CHF 13.2 billion ($14.6B/€13.9B). This demonstrates an increase of CHF 4.62 billion ($5.14B/€4.87B), showing very similar results to this year.
GlobalPETS previously reported on the company’s half-year earnings, noting that pet food saw the biggest impact from price increases across all of the multinational’s businesses, with prices increasing by 12.1% from January to June.
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