Nestlé, headquartered in Vevey, Switzerland, reported its full-year 2023 financial performance on February 22, highlighting Purina PetCare as a significant driver of the company’s organic growth. Purina ONE, Purina Pro Plan, and Friskies led the category with robust double-digit growth, contributing to Purina’s total sales of CHF 18.86 billion ($21.41 billion USD), a 4.2% increase from 2022.

Purina’s impressive organic growth of 12.1% surpassed all other Nestlé divisions, with real internal growth at 2.8%. Notably, the Purina Pro Plan brand alone achieved nearly CHF 3 billion ($3.4 billion USD) in sales. The pet food division saw a pricing increase of 9.3%, the second-highest rate across Nestlé’s products.

Underlying trading operating profit for Purina rose by 5.4%, reaching CHF 3.91 billion ($4.44 billion USD), with a margin of 20.7% in 2023. Purina played a vital role in Nestlé’s performance in various regions, contributing to growth in North America, Europe, Asia, Oceania, Africa (AOA), Latin America, and Greater China.

Nestlé’s overall net sales for 2023 totaled nearly CHF 93 billion ($105.50 billion USD), reflecting a 1.5% decrease from 2022. Organic growth stood at 7.2%, with pricing up by 7.5%. Underlying trading operating profit was CHF 16.05 billion ($18.21 billion USD), representing a minor decrease of 0.3% from 2022.

Looking ahead, Nestlé anticipates organic sales growth of approximately 4% in fiscal 2024, with underlying earnings per share expected to grow between 6% and 10%.

In sustainability, Nestlé reduced greenhouse gas emissions by 13.5% in 2023, on track to achieve a 20% reduction by 2025. The company is actively integrating renewable energy, with 91.9% of global manufacturing electricity from renewable sources by 2023. Nestlé collaborates with suppliers to reduce Scope 3 emissions, targeting 20% of raw materials from regenerative agriculture by 2025.

CEO Mark Schneider expressed confidence in Nestlé’s strategy, emphasizing volume- and mix-led growth, increased brand support, and delivering value through innovation, premiumization, affordability, and nutritious options. Nestlé remains committed to its 2025 targets, prioritizing market share gains and superior execution.

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