Swiss food and drinks giant Nestle says net profit fell 6% last year, with double-digit declines at its Chinese food unit dragging on growth and core growth overall at the low end of its expectations.
CEO Mark Schneider says Nestle plans to increase restructuring costs “considerably” this year.
The Vevey, Switzerland-based vendor of Maggi noodles, Stouffer’s frozen foods and KitKat chocolate bars said net income in 2016 fell to 8.53 billion Swiss francs, down from 9.07 billion a year earlier.
Revenues rose 0.8% to 89.47 billion francs.
Nestle did not break out earnings by quarter. It said Thursday organic growth, excluding the impact of acquisitions, rose 3.2% last year, at the low end of its expectations. It is expected to rise 2% to 4% this year.