Nestle SA

Nestle earnings weighed down by weak food pricing

Pressure on food prices globally weighed on the earnings of consumer goods giant Nestle, which on Thursday said it would step up its drive to cut costs.

The company based in Vevey, Switzerland, reported a 6 percent drop in net profit to 8.53 billion Swiss francs ($8.53billion), with double-digit declines at its Chinese unit dragging on growth. Revenue barely rose, by 0.8 percent to 89.47 billion francs.

CEO Mark Schneider said the company behind Maggi noodles, Stouffer's frozen foods and KitKat chocolate bars plans to increase restructuring costs "considerably" this year. He did not specify how those costs would increase, but alluded to the company's history of...

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