The group, which makes Nespresso capsules, KitKat chocolate and Purina dog food, said sales fell 1.8 percent to 91.3 billion Swiss francs ($100.2 billion).

Analysts surveyed by Swiss financial news agency AWP had forecast sales of 91 billion francs.

Its profit after tax was down 2.9 percent to 10.9 billion francs, lower than the 11 billion francs estimated by analysts.

Nestle said organic growth — a closely-watched sales metric that excludes currency fluctuations and acquisitions — reached 2.2 percent, better than the two-percent forecast by the group.

Nestle’s shares have slumped in the past year as the group raised prices to cope with high inflation across major markets.

“In a challenging macroeconomic context and soft consumer environment, we achieved a solid performance in 2024 in line with our latest guidance,” chief executive Laurent Freixe said in a statement.

Freixe took over in September in a surprise change at the top of the Swiss group, whose products range from food to water to health care nutrition.

A company veteran who headed the Latin America division before his promotion, Freixe was given the task of reviving Nestle sales.