Nestle predicts more food price hikes this year citing addiction to revenue growth
Nestle predicts more food price hikes this year citing addiction to revenue growth
VEVEY, Switzerland (The Egg) — Nestle has predicted they will continue to raise the price of food this year, saying in a recent press release their addiction to revenue growth will leave them no other choice but to keep raising prices and hopes people will understand their pain.
The Swiss food company reported total sales grew by 8.4% in 2022, to 94.4 billion Swiss francs ($100.84 billion), and CEO Mark Schneider made a personal plea to consumers that without more price hikes, they can’t meet their arbitrary next year's sales goals or generate reliable shareholder returns.
“I know the pain people are feeling at the store, having to choose between paying a utility bill and buying groceries for the week. I went through something similar involving long nights of poker, cocaine, and the housekeeping bill of my third house,” Schneider said in a statement.
“But as a company, our pain is greater, and our shareholders are more important,” he continued.
Nestle, one of the few Western companies still operating in Russia, said that inflation and “geopolitical tensions” are responsible for driving their gross margin down, but will avoid any future losses by raising prices and feeding their addiction by supporting both sides of the conflict.
“As a Swiss company, we have this thing called ‘strategic neutrality,’” Schneider said. “If we never take a firm stance, we can profit in any situation and continue pleasuring our shareholders.”
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