Global food giant Nestle, which makes everything from Purina pet food to KitKat candy bars and Gerber baby food, reported higher sales in the first half of the year, even as it increased prices by 6.5% as inflation soared around the world.
The Swiss company said Thursday that total reported sales grew by 9.2%, to 45.6 billion Swiss francs (US$47.53 billion), compared with the same period last year. Net profit, however, decreased by 11.7%, to 5.2 billion Swiss francs (US$5.42 billion), because of one-time expenses such as taxes, according to Nestle.
Purina was its biggest sales driver, but KitKat and other treats, water brands like Perrier and S. Pellegrino, and vegetarian and plant-based food all grew at double-digit rates, the company said.
It saw strong growth for baby formula after a shortage in the United States this year. One of the largest formula suppliers, Nestle ramped up U.S. imports after the nation's largest domestic manufacturing plant closed in February over safety concerns.
CEO Mark Schneider said the company "limited the impact of unprecedented inflationary pressures and supply chain constraints" and pointed to "growing food insecurity around the world and heightened climate concerns" as driving its mission.
"Good for you and good for the planet are the two key strategic pillars that our company pursues in an unwavering manner, even in the face of significant short-term challenges," he said in a news release.
With soaring inflation eating into people's spending power, Nestle said it works to keep its products affordable based on wages in different parts of the world and focuses on nutrition education and boosting nutrients in products based on local needs.
Nestle, however, also has turned to "shrinkflation," slimming down its Nescafe Azera Americano coffee tins from 100 grams to 90 grams in the United Kingdom but charging the same price.
The company had faced criticism for sales in Russia after the country invaded Ukraine. It previously said it would pull KitKat, Nesquik milkshake powder and other brands but continue to supply essentials like medications and baby formula.
For the full year, Nestle expects sales growth from 7% to 8%.
Israel pounded Iran with a series of airstrikes early Saturday, saying it was targeting military targets in retaliation for the barrage of ballistic missiles the Islamic Republic fired upon Israel earlier this month. Explosions could be heard in the Iranian capital, Tehran, though there was no immediate information on damage or casualties.
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Scotiabank has confirmed outages affecting mobile and online banking services, according to a statement published to its X account.
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The Provincial Archives of New Brunswick (PANB) has uploaded dozens of dashboard camera videos from the 1970s to their YouTube channel.
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A former Alberta teacher has been sentenced to four years for sexually abusing a student.
Russian actors made a widely circulated video falsely depicting mail-in ballots for Donald Trump being destroyed in Pennsylvania, U.S. officials said Friday.
U.S. President Joe Biden on Friday formally apologized to native Americans for the 'sin' of a government-run boarding school system that for decades forcibly separated children from their parents, calling it a 'blot on American history' in his first presidential visit to Indian Country.
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Chinese hackers targeted cellphones used by Republican presidential nominee Donald Trump, his running mate, JD Vance, and people associated with the Democratic campaign of Kamala Harris, people familiar with the matter said Friday.
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Foreign Affairs Minister Melanie Joly says Canada strongly condemns a new surge in gang violence in Haiti.
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The number of people infected by the E. coli outbreak tied to McDonald's Quarter Pounder hamburgers increased to 75 from 49, the U.S. Food and Drug Administration said on Friday.
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Phil Lesh, a classically trained violinist and jazz trumpeter who found his true calling reinventing the role of rock bass guitar as a founding member of the Grateful Dead, died Friday at age 84.
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Tom Holland is getting ready to don his Spidey suit again. The fourth installment of the blockbuster series has been set for a July 2026 release, Sony Pictures said Friday.
Natural gas producers in Western Canada have white-knuckled it through months of depressed prices, with the expectation that their fortunes will improve when LNG Canada comes online in the middle of next year.
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The former longtime CEO of Abercrombie & Fitch pleaded not guilty Friday to federal sex trafficking and interstate prostitution charges.
Archeologists have uncovered a tiny house in Pompeii that is filled with elaborate 鈥 and sometimes erotic 鈥 frescoes, further revealing the ornate way in which Romans decorated their homes.
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A Sherpa teenager who's won mountaineering celebrity as the youngest person ever to summit the world's 14 highest peaks called for Sherpas to be recognized as athletes and expedition leaders as well as porters and guides.
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A former Alberta teacher has been sentenced to four years for sexually abusing a student.
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The London Knights picked up an overtime win at Canada Life Place Friday night.
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The Windsor Police Service is investigating a suspicious death in south-central Windsor.
A Harrow school is memorializing two students and their mother, who were tragically killed in June.
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There were tense moments at a ferry terminal outside Victoria, B.C., on Friday after the lion鈥檚 share of standby spots on an early sailing were claimed by 鈥渁ssured loading鈥 passengers 鈥 leaving regular customers who had been waiting for hours out of luck.
Hulitan Early Years Centre is a brand new, 48-seat childhood learning centre in Colwood. It was built to support Indigenous children throughout the capital region.
More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
About 15,000 students are enrolled at Lethbridge鈥檚 post-secondary schools, and now the city is working with those schools to try to find ways to get them s to stick around a while.
With Halloween less than a week away, organizations in Lethbridge are preparing to get in on the trick-or-treating fun.
The City of Lethbridge is bringing forward a water conservation policy, the first of its kind for the city.
The union that represents hospital workers across the province is used a symbol from Greek mythology Friday in Espanola to drive home its campaign about the perils of privatization in health care.
CTV's Coats for Kids is nearing the end of its donation window, with the need as strong as it鈥檚 ever been.
The Anishinabek Police Service and the Ontario Provincial Police are investigating the circumstances around a death in Fort William First Nation.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
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