Nestle meets organic growth targets for first quarter of 2017

Nestle has announced its financial results for the first quarter of 2017, during which it delivered a sales total of 21 billion Swiss francs (16.49 billion pounds).

This represents a year-on-year increase of 0.4 percent, or a solid 2.3 percent increase in organic terms, which was within the company's previously-stated guidance range for the full year.

Although consumer demand in the Americas remained soft, the firm benefited from growth in the Asian markets and the resilience of consumer spending in Europe, as well as favourable pricing trends.

Based on these trends, Nestle has confirmed its full-year guidance of an organic growth rate between two and four percent, even though restructuring costs for 2017 are expected to be considerably higher in order to drive future profitability.

Mark Schneider, Nestle's chief executive officer, said: "We confirm our 2017 guidance and have made good progress with our growth and efficiency projects to position our company for enhanced value creation."

This comes after the company recently confirmed the selection of Paul Bulcke as the new chairman of its board of directors, with Peter Brabeck-Letmathe becoming chairman emeritus.

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