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Nestlé Targets 2-4 Percent Growth as Company Reports Profit Loss

Nestlé, which makes KitKats, Nescafe and Purina pet food, have reported its figures for full year 2016. The company has said it will steepen its cost-cutting plan after unveiling disappointing results.

Net profit for 2016 fell to 8.5bn Swiss francs ($8.4bn) from 9.1bn Swiss francs ($9bn) a year earlier. Analysts had expected 9.59bn Swiss francs'($8.4bn) worth of profit. Sluggish food inflation in most of its markets and easing demand in emerging markets saw sales growth slow to 3.2% from 4.2% in 2015.

The company has cut its sales growth target to between 2% and 4% for 2017, scrapping its prior "Nestle model" of 5-6% so-called organic growth, which excludes sales from companies it buys.

Mark Schneider, Nestlé CEO commented: "Our 2016 organic growth was at the high end of the industry but at the lower end of our expectations. We saw a solid trading operating profit margin improvement and our cash flow grew significantly. Based on these results, our Board of Directors is pleased to propose the 22nd consecutive dividend increase, underlining our commitment to continuity."

"In 2017, we expect organic growth between 2% and 4%. In order to drive future profitability, we plan to increase restructuring costs considerably in 2017. As a result, the trading operating profit margin in constant currency is expected to be stable. Underlying earnings per share in constant currency and capital efficiency are expected to increase," Schneider said.

Nestlé continues to invest in future growth and operating efficiency, targeting mid-single digit organic growth and significant structural cost savings by 2020."

Outlook 2017: "We expect organic growth between 2% and 4%. In order to drive future profitability, we plan to increase restructuring costs considerably in 2017. As a result, the trading operating profit margin in constant currency is expected to be stable. Underlying earnings per share in constant currency and capital efficiency are expected to increase."




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