REG - Nestle SA Nestle Holdings Inc - Nestle reports nine-month sales for 2022
19/10/2022 08:15
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RNS Number : 3820D Nestle SA 19 October 2022
Nestlé Press Release
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Vevey, October 19, 2022
Nestlé reports nine-month sales for 2022
· Organic growth reached 8.5%. Pricing was 7.5%, reflecting significant
cost inflation. Real internal growth (RIG) was resilient at 1.0%. Organic
growth was broad-based across most geographies and categories.
· Total reported sales increased by 9.2% to CHF 69.1 billion (9M-2021:
CHF 63.3 billion). Net acquisitions had a positive impact of 1.2%. Foreign
exchange decreased sales by 0.6%.
· Portfolio management on track. In the third quarter, Nestlé Health
Science completed the acquisitions of Puravida in Brazil and The Better Health
Company in New Zealand.
· Full-year 2022 outlook updated: we now expect organic sales growth
around 8%. The underlying trading operating profit margin is expected around
17.0%. Underlying earnings per share in constant currency and capital
efficiency are expected to increase.
Mark Schneider, Nestlé CEO, commented: "We delivered strong organic growth as
we continued to adjust prices responsibly to reflect inflation. The
challenging economic environment is a concern for many people and is impacting
their purchasing power. That's why we aim to keep products affordable and
accessible while considering the interests of all our stakeholders. Our real
internal growth remained resilient despite a high base of comparison and
continued supply chain constraints, with limited demand elasticity. At the
same time, we continue to invest in R&D, marketing and sustainability
initiatives, as demonstrated by the recent launch of our Nescafé Plan 2030.
We remain confident in the strength of our brands, operational execution and
underlying category dynamics which position us well for future growth."
Total Group Zone North America Zone Europe Zone AOA Zone Latin America Zone Greater China Nespresso Nestlé .Health Other Businesses
Science
Sales 9M-2022 (CHF m) 69 132 19 093 13 968 13 899 8 648 3 843 4 674 4 811 196
Sales 9M-2021 (CHF m)* 63 294 17 173 13 736 13 343 7 416 3 585 4 654 3 237 150
Real internal growth (RIG)** 1.0% 0.1% 1.5% 1.1% 2.5% 2.1% -1.9% 1.9% 28.0%
Pricing** 7.5% 11.1% 5.7% 7.0% 10.5% 2.6% 4.9% 2.6% 3.0%
Organic growth** 8.5% 11.2% 7.1% 8.1% 12.9% 4.7% 3.0% 4.5% 31.0%
Net M&A** 1.2% -4.8% 2.0% -0.1% 0.1% 0.0% -0.1% 42.5% 0.0%
Foreign exchange** -0.6% 4.8% -7.5% -3.9% 3.6% 2.4% -2.5% 1.6% 0.2%
Reported sales growth 9.2% 11.2% 1.7% 4.2% 16.6% 7.2% 0.4% 48.6% 31.2%
*2021 figures restated following the creation of Zone North America (NA) and
Zone Greater China (GC)
as of January 1, 2022. Zone AOA includes Middle East and North Africa (MENA)
previously included in Zone EMENA
**RIG, pricing and organic growth figures exclude the Russia region, with a
corresponding impact on the M&A and foreign exchange lines
Group sales
Organic growth was 8.5%, reaching 9.3% in the third quarter. Pricing was 7.5%,
reflecting significant cost inflation. RIG was resilient at 1.0% following a
high base of comparison in 2021 and continued supply chain constraints, with
limited demand elasticity.
Organic growth was 7.4% in developed markets, mostly driven by pricing with
slightly positive RIG. Organic growth in emerging markets was 10.2%, supported
by both pricing and RIG.
By product category, Purina PetCare was the largest contributor to organic
growth, with continued momentum for science-based and premium brands Purina
Pro Plan, Purina ONE and Fancy Feast as well as veterinary products. Sales in
coffee grew at a high single-digit rate, with positive sales developments for
Nescafé, Starbucks and Nespresso. Growth in Infant Nutrition reached a
double-digit rate, with broad-based contributions across geographies.
Confectionery reported double-digit growth, reflecting particular strength for
KitKat and seasonal products. Water posted double-digit growth, despite supply
chain constraints, led by premium brands, S.Pellegrino, Acqua Panna and
Perrier. Dairy reported mid single-digit growth, with continued momentum for
coffee creamers and a recovery for home-baking products. Cocoa and malt
beverages saw high single-digit growth, with particular strength for Milo as
well as Nesquik ready-to-drink formats. Prepared dishes and cooking aids
posted low single-digit growth, following a high base of comparison in 2021,
with continued strong demand for Maggi. Sales in vegetarian and plant-based
food continued to grow at a double-digit rate, led by Garden Gourmet. Nestlé
Health Science recorded mid single-digit growth, driven by Medical Nutrition
and healthy-aging products.
By channel, organic growth in retail sales remained robust at 7.3%. Within
retail, e-commerce sales grew by 8.4%, building on growth of 17.2% in the
first nine months of 2021. Organic growth in out-of-home channels reached
26.1%, with sales exceeding 2019 levels.
Net acquisitions increased sales by 1.2%, largely related to the acquisitions
of the core brands of The Bountiful Company and Orgain. The impact on sales
from foreign exchange was negative at 0.6%. Total reported sales increased by
9.2% to CHF 69.1 billion.
Portfolio Management
On April 1, 2022, Nestlé Health Science completed the acquisition of a
majority stake in Orgain, a leader in plant-based nutrition. Orgain
complements Nestlé Health Science's existing portfolio of nutrition products
that support healthier lives. The deal is expected to be slightly accretive to
Nestlé's organic growth, while slightly dilutive to the Group's underlying
trading operating profit margin in 2022. The agreement includes the option for
Nestlé Health Science to fully acquire Orgain in 2024.
On September 1, 2022, Nestlé Health Science completed the acquisition of
Puravida, a premium Brazilian nutrition and health lifestyle brand. The
acquisition will enable Nestlé Health Science to expand its consumer health
portfolio in Latin America.
On September 1, 2022, Nestlé Health Science completed the acquisition of The
Better Health Company. The acquisition includes the GO Healthy brand, New
Zealand's leading supplement brand, and New Zealand Health Manufacturing, an
Auckland-based manufacturing facility for vitamins, minerals and supplements.
The acquisition will expand Nestlé Health Science's portfolio of vitamins,
minerals and supplements in AOA.
Zone North America
· 11.2% organic growth: 0.1% RIG; 11.1% pricing.
Sales Sales RIG Pricing Organic growth Net Foreign Reported
9M-2022 9M-2021 M&A exchange Growth
Zone North America CHF 19.1 bn CHF 17.2 bn 0.1% 11.1% 11.2% -4.8% 4.8% 11.2%
Organic growth was 11.2%, with pricing of 11.1%. RIG was 0.1%, with a high
base of comparison in 2021 and supply chain constraints. Net divestitures
reduced sales by 4.8%, mainly due to the divestment of the Nestlé Waters
North America brands. Foreign exchange had a positive impact of 4.8%. Reported
sales in Zone North America increased by 11.2% to CHF 19.1 billion.
Zone North America reported double-digit organic growth, driven by pricing,
strong momentum in e-commerce and further recovery of out-of-home channels.
Nestlé gained market share in the Zone, led by pet food as well as portioned
and soluble coffee.
By product category, Purina PetCare was the largest growth contributor with
strong momentum across channels, particularly in e-commerce and pet specialty
stores. Purina Pro Plan, including veterinary products, Purina ONE and Fancy
Feast all posted strong double-digit growth, supported by innovation. Sales in
Nestlé Professional and Starbucks out-of-home products grew at a strong
double-digit rate. Growth in the beverages category, including Starbucks
at-home products, Coffee mate and Nescafé, was close to a double-digit rate.
Infant formula saw strong demand, following continued supply constraints in
the market. Baby food posted robust growth, based on new launches in healthy
snacking and plant-based offerings. Sales in premium water grew at a
double-digit rate, driven by S.Pellegrino and Essentia. Frozen food reported
low single-digit growth, following a high base of comparison in 2021. Both
frozen pizza and frozen meals saw positive sales developments. Dairy-based
products, including Carnation and Nido, also posted double-digit growth with
market share gains. Ready-to-drink Nesquik in the U.S. and KitKat in Canada
saw double-digit growth, supported by new product launches.
Zone Europe
· 7.1% organic growth: 1.5% RIG; 5.7% pricing.
Sales Sales RIG Pricing Organic growth Net Foreign Reported
9M-2022 9M-2021 M&A exchange Growth
Zone Europe* CHF 14.0 bn CHF 13.7 bn 1.5% 5.7% 7.1% 2.0% -7.5% 1.7%
*RIG, pricing and organic growth figures exclude the Russia region, with a
corresponding impact on the M&A and foreign exchange lines
Organic growth was 7.1%, with pricing of 5.7%. RIG was resilient at 1.5%,
following a high base of comparison in 2021 as well as supply chain
constraints. Foreign exchange negatively impacted sales by 7.5%, reflecting
the appreciation of the Swiss franc against the Euro. Reported sales in Zone
Europe increased by 1.7% to CHF 14.0 billion.
In a difficult economic environment, Zone Europe reported high single-digit
organic growth. Pricing, continued momentum of out-of-home channels and
innovation supported growth. The Zone saw market share gains in coffee, Infant
Nutrition and plant-based food.
By product category, the key growth driver was Purina PetCare, fueled by
premium brands Gourmet, Purina ONE and Purina Pro Plan. Sales in Nestlé
Professional grew at a strong double-digit rate, led by beverages. Water
posted double-digit growth, with strong contributions from international and
local brands. Sales in Infant Nutrition grew at a double-digit rate, based on
strong momentum for human milk oligosaccharides (HMOs) products. Confectionery
reported mid single-digit growth, with strong demand for KitKat and seasonal
offerings. In the third quarter, our vegan KitKat V was rolled out across 15
European countries. Coffee posted low single-digit growth, led by Nescafé
soluble coffee and continued strong sales developments for Starbucks by
Nespresso. Culinary reported a sales decrease, impacted by negative growth in
pizza and noodles. Garden Gourmet plant-based products continued to see strong
double-digit growth, reflecting new product launches.
Zone Asia, Oceania and Africa (AOA)
· 8.1% organic growth: 1.1% RIG; 7.0% pricing.
Sales Sales RIG Pricing Organic growth Net Foreign Reported
9M-2022 9M-2021 M&A exchange Growth
Zone AOA CHF 13.9 bn CHF 13.3 bn 1.1% 7.0% 8.1% -0.1% -3.9% 4.2%
Organic growth reached 8.1%, with pricing of 7.0% and RIG of 1.1%. Foreign
exchange reduced sales by 3.9%. Reported sales in Zone AOA increased by 4.2%
to CHF 13.9 billion.
Organic growth in Zone AOA reached a high single-digit rate, driven by
pricing, portfolio optimization and a further recovery of out-of-home
channels. The Zone saw market share gains in culinary, ready-to-drink and
portioned coffee, as well as Infant Nutrition.
South-East Asia posted mid single-digit growth, led by Nescafé, Maggi and
KitKat, particularly in Malaysia. South Asia recorded double-digit growth,
with market share gains and continued momentum for Maggi, KitKat and Nescafé.
In the third quarter, Nestlé India launched a premium infant cereal range
under the Gerber brand. Sales growth in Middle East and Africa was close to a
double-digit rate, based on strong momentum for affordable offerings across
Maggi, Milo and Infant Nutrition. Japan reported mid single-digit growth, led
by ready-to-drink Nescafé and Purina PetCare. Sales in South Korea grew at a
double-digit rate, driven by Starbucks products and increased demand for
KitKat. Oceania reported high single-digit growth, with particular strength
for Nescafé and Maggi. Confectionery also saw strong growth, supported by the
launch of a new KitKat range with Milo filling.
By product category, culinary was the largest growth contributor led by
double-digit growth for Maggi, particularly for cooking aids and noodles.
Coffee posted high single-digit growth, with continued strong demand for
Nescafé and Starbucks products. The Zone launched Starbucks ready-to-drink
products in selected markets. Sales in Nestlé Professional grew at a strong
double-digit rate across geographies and categories. Infant Nutrition reached
high single-digit growth, with a further recovery in the third quarter. Cocoa
and malt beverages posted high single-digit growth. Sales in confectionery
grew at a double-digit rate, led by KitKat. Purina PetCare recorded high
single-digit growth, with continued momentum for Purina ONE, Felix and Purina
Pro Plan.
Zone Latin America
· 12.9% organic growth: 2.5% RIG; 10.5% pricing.
Sales Sales RIG Pricing Organic growth Net Foreign Reported
9M-2022 9M-2021 M&A exchange Growth
Zone Latin America CHF 8.6 bn CHF 7.4 bn 2.5% 10.5% 12.9% 0.1% 3.6% 16.6%
Organic growth was 12.9%, with pricing of 10.5%. RIG was resilient at 2.5%,
following high single-digit growth in 2021. Foreign exchange had a positive
impact of 3.6%. Reported sales in Zone Latin America increased by 16.6% to CHF
8.6 billion.
Zone Latin America maintained double-digit organic growth, with broad-based
contributions across categories and geographies. Growth was supported by
pricing, strong operational execution and further momentum of out-of-home
channels. The Zone saw market share gains in Infant Nutrition, pet food and
coffee creamers.
Sales in Brazil grew at a double-digit rate, reflecting strong demand for
confectionery, Infant Nutrition as well as cocoa and malt beverages. Mexico
saw high single-digit growth, with strong sales developments for Purina
PetCare, Nescafé and Carnation. In July, Nestlé opened a new Nescafé
factory in Veracruz, Mexico to meet strong consumer demand across the Zone.
Sales in Chile grew at a high single-digit rate, led by confectionery and
Purina PetCare. Colombia and the Plata Region continued to see strong
double-digit growth, supported by volume growth.
By product category, confectionery was the largest growth contributor,
reflecting strong demand for KitKat and key local brands. Sales in Purina
PetCare grew at a double-digit rate, led by Dog Chow, Cat Chow and Purina Pro
Plan. Coffee reported broad-based double-digit growth, supported by Nescafé
soluble coffee, Nescafé Dolce Gusto and the continued roll-out of Starbucks
products. Dairy posted mid single-digit growth, led by fortified milks and
home-baking products. Infant Nutrition saw high single-digit growth, based on
robust demand for Nido and NAN functional products. Sales in Nestlé
Professional grew at a strong double-digit rate, with market share gains and
sales significantly higher than pre-pandemic levels.
Zone Greater China
· 4.7% organic growth: 2.1% RIG; 2.6% pricing.
Sales Sales RIG Pricing Organic growth Net Foreign Reported
9M-2022 9M-2021 M&A exchange Growth
Zone Greater China CHF 3.8 bn CHF 3.6 bn 2.1% 2.6% 4.7% 0.0% 2.4% 7.2%
Organic growth was 4.7%, with pricing of 2.6% and RIG of 2.1%. Foreign
exchange had a positive impact of 2.4%. Reported sales in Zone Greater China
increased by 7.2% to CHF 3.8 billion.
Zone Greater China reported mid single-digit organic growth, despite
COVID-19-related movement restrictions. Growth was supported by strong
operational execution, e-commerce momentum and continued innovation.
By product category, Infant Nutrition recorded double-digit growth, with
improving market share trends for NAN and illuma. Coffee posted high
single-digit growth, led by Nescafé soluble coffee and Starbucks products. In
confectionery Hsu Fu Chi and Shark Wafer both reported high single-digit
growth. Culinary reported mid single-digit growth, helped by increased
distribution to lower-tier cities. Sales in Purina PetCare grew at a high
single-digit rate, led by Mon Petit, Fancy Feast and the recently launched
Dentalife. Nestlé Professional reported a mid single-digit sales decrease,
reflecting restrictions on out-of-home channels.
Nespresso
· 3.0% organic growth: -1.9% RIG; 4.9% pricing.
Sales Sales RIG Pricing Organic growth Net Foreign Reported
9M-2022 9M-2021 M&A exchange Growth
Nespresso* CHF 4.7 bn CHF 4.7 bn -1.9% 4.9% 3.0% -0.1% -2.5% 0.4%
*RIG, pricing and organic growth figures exclude the Russia region, with a
corresponding impact on the M&A and foreign exchange lines
Organic growth was 3.0%, with pricing of 4.9%. RIG was -1.9% following
double-digit growth in 2021 during the pandemic. Foreign exchange negatively
impacted sales by 2.5%. Reported sales in Nespresso increased by 0.4% to CHF
4.7 billion.
Nespresso reported low single-digit organic growth, following double-digit
growth in 2021, with consumption remaining above pre-pandemic levels. The
Vertuo system saw further momentum, with broad-based contributions across
geographies. During the third quarter, Nespresso launched Vertuo Pop, a new
compact machine made with recycled materials, in a number of European markets.
Growth was also supported by a further recovery in out-of-home channels, with
continued expansion of the Momento system and improved sales development for
the office segment.
By geography, North America posted double-digit growth with continued market
share gains. Europe reported a sales decrease. Other regions combined recorded
high single-digit growth.
Nestlé Health Science
· 4.5% organic growth: 1.9% RIG; 2.6% pricing.
Sales Sales RIG Pricing Organic growth Net Foreign Reported
9M-2022 9M-2021 M&A exchange Growth
Nestlé Health Science* CHF 4.8 bn CHF 3.2 bn 1.9% 2.6% 4.5% 42.5% 1.6% 48.6%
*RIG, pricing and organic growth figures exclude the Russia region, with a
corresponding impact on the M&A and foreign exchange lines
Organic growth was 4.5%, following double-digit growth in both 2020 and 2021
during the pandemic. Pricing was 2.6% and RIG 1.9%. Net acquisitions increased
sales by 42.5%, largely related to the acquisition of the core brands of The
Bountiful Company and Orgain. Foreign exchange positively impacted sales by
1.6%. Reported sales in Nestlé Health Science increased by 48.6% to CHF 4.8
billion.
Nestlé Health Science posted market share gains. Growth was supported by
pricing, innovation and geographic expansion.
Consumer Care reported low single-digit growth. Healthy-aging products grew at
a double-digit rate, supported by Boost and Nutren. Growth in vitamins,
minerals and supplements was close to flat, following a high base of
comparison particularly for immunity-related products during the pandemic.
Vital Proteins saw double-digit growth, helped by new product launches and
further geographic expansion. Pure Encapsulations, a super-premium offering
recommended by healthcare professionals, posted double-digit growth. Sales of
Orgain, the recently acquired plant-based nutrition business, grew at a strong
double-digit rate. Growth was based on distribution expansion and innovation,
particularly for the kids' protein organic nutrition range.
Medical Nutrition reported double-digit growth, with strong sales developments
for pediatric and allergy products, Althéra, Alfaré and Alfamino. Zenpep
posted high single-digit growth with market share gains. Palforzia, the peanut
allergy treatment, saw further patient adoption.
By geography, sales in North America grew at a mid single-digit rate. Europe
saw positive growth. Other regions combined posted double-digit growth.
Business as a force for good: Reducing greenhouse gas emissions in coffee
farming and improving coffee farmers' livelihoods
Nestlé is on a path to gradually reduce absolute greenhouse gas emissions in
its supply chain and to achieve net zero emissions by 2050. For that reason,
the company is supporting the transition to a regenerative food system. With
the Nescafé Plan 2030
(https://www.nestle.com/media/pressreleases/allpressreleases/sustainable-coffee-nescafe-plan-2030)
, the company is now executing on these ambitions through its largest coffee
brand.
The Nescafé Plan 2030 is an integrated strategy that is meant to
simultaneously reduce greenhouse gas emissions in coffee farming while
boosting the incomes of coffee farmers through the implementation of
regenerative agriculture. It builds on Nescafé's decade-long sustainability
work. The brand will invest over one billion Swiss francs into the Plan by
2030 - an investment that is supported by Nestlé's regenerative agriculture
financing.
Nescafé will work with coffee farmers to make the transition to regenerative
agriculture by providing them with training, financial support and
high-yielding coffee plantlets. Some of the regenerative practices that will
be encouraged include:
· planting cover crops
· optimizing fertilization, including the use of organic
fertilizers
· increasing the use of agroforestry and intercropping and
· pruning or replacing existing trees with disease and
climate-change resistant varieties.
Nescafé will test, learn and assess the effectiveness of multiple
regenerative agriculture practices, prioritizing the seven countries from
which it sources 90% of its coffee: Brazil, Vietnam, Mexico, Colombia, Côte
d'Ivoire, Indonesia and Honduras. Its goal, in line with the Nestlé Group's
ambition for all key agricultural ingredients, is to source 20% of its coffee
from regenerative agricultural methods by 2025 and 50% by 2030.
Regenerative farming will improve soil health and fertility. Healthier soil
holds more water and captures more carbon from the atmosphere. This will help
Nescafé reduce its greenhouse gas emissions by 50% by 2030, in line with the
Nestlé Group commitment.
Nescafé will simultaneously help boost the income of farmers who make the
transition to regenerative agriculture. It will pilot a financial support
program in selected countries to test the best approach according to local
conditions. Some of the measures that may be used include: conditional cash
incentives for the adoption of regenerative agriculture practices, income
protection through weather insurance and greater access to credit lines for
farmers.
Nescafé will track the progress and assess the results of its field programs
through its Monitoring and Evaluation partnership with the Rainforest
Alliance. It is also partnering with Sustainable Food Lab, among others, for
topics related to coffee farmers' income assessment, strategy and progress
tracking.
With this extensive Plan, Nescafé aims to help make coffee farming globally
more sustainable.
Outlook
Full-year 2022 outlook updated: we now expect organic sales growth around 8%.
The underlying trading operating profit margin is expected around 17.0%.
Underlying earnings per share in constant currency and capital efficiency are
expected to increase.
Contacts
Media
Christoph Meier
Tel.: +41 21 924 2200
mediarelations@nestle.com (mailto:mediarelations@nestle.com)
Investors
Luca Borlini
Tel.: +41 21 924 3509
ir@nestle.com (mailto:ir@nestle.com)
Annex
Nine-month sales overview by operating segment
Total Group Zone North America Zone Europe Zone AOA Zone Latin America Zone Greater China Nespresso Nestlé . Other Businesses
Health
Science
Sales 9M-2022 (CHF m) 69 132 19 093 13 968 13 899 8 648 3 843 4 674 4 811 196
Sales 9M-2021 (CHF m)* 63 294 17 173 13 736 13 343 7 416 3 585 4 654 3 237 150
Real internal growth (RIG)** 1.0% 0.1% 1.5% 1.1% 2.5% 2.1% -1.9% 1.9% 28.0%
Pricing** 7.5% 11.1% 5.7% 7.0% 10.5% 2.6% 4.9% 2.6% 3.0%
Organic growth** 8.5% 11.2% 7.1% 8.1% 12.9% 4.7% 3.0% 4.5% 31.0%
Net M&A** 1.2% -4.8% 2.0% -0.1% 0.1% 0.0% -0.1% 42.5% 0.0%
Foreign exchange** -0.6% 4.8% -7.5% -3.9% 3.6% 2.4% -2.5% 1.6% 0.2%
Reported sales growth 9.2% 11.2% 1.7% 4.2% 16.6% 7.2% 0.4% 48.6% 31.2%
* 2021 figures restated following the creation of Zone North America (NA) and
Zone Greater China (GC)
as of January 1, 2022. Zone AOA includes Middle East and North Africa (MENA)
previously included in Zone EMENA
**RIG, pricing and organic growth figures exclude the Russia region, with a
corresponding impact on the M&A and foreign exchange lines
Nine-month sales overview by product
Total Group Powdered & liquid beverages Water Milk products & ice cream Nutrition & Health Science Prepared dishes & cooking aids Confec-tionery PetCare
Sales 9M-2022 (CHF m) 69 132 18 461 2 776 8 267 11 625 9 152 5 640 13 211
Sales 9M-2021 (CHF m) 63 294 17 499 3 230 7 837 9 363 8 873 5 132 11 360
Real internal growth (RIG)** 1.0% 0.7% 6.0% -3.6% 3.7% -6.3% 6.4% 4.8%
Pricing** 7.5% 7.3% 9.1% 8.5% 4.8% 8.9% 4.4% 9.6%
Organic growth** 8.5% 8.0% 15.1% 4.8% 8.5% 2.6% 10.7% 14.4%
**RIG, pricing and organic growth figures exclude the Russia region, with a
corresponding impact on the M&A and foreign exchange lines
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