Nestle CFO Warns Of Tough First Half In 2023: Report

  • Nestle ADR NSRGY Chief Financial Officer Francois-Xavier Roger said the first six months of 2023 will be challenging.
  • Nestle CFO expects inflation to retreat in the second half of the year, Bloomberg reported.
  • "We are likely going to go into a recession — we know that the next six months are probably going to be complicated and difficult," Roger said in an interview.
  • The severe macroeconomic condition will likely lead to a slowdown in consumption, the executive added.
  • Also Read: Nestle Mulls Selling Peanut-Allergy Treatment Palforzia; Outlines 2025 Targets
  • The wage inflation, along with soaring electricity prices, will also add to the pressure points. Nestle has also been dealing with a rise in input costs in 2022.
  • The report further added that the dairy products maker aims to spend about $1.1 billion on sustainable packaging and carbon reduction next year.
  • The CFO said the investment would bear returns, meaning that "we have an impact in terms of carbon reduction, in terms of plastic reduction, in terms of water reduction."
  • Also Read: Coffee Brewing Gets Green - Nestle Invests $1B In Sustainable Coffee Farming
  • Price Action: NSRGY shares closed lower by 0.38% at $116.15 on Thursday.
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