CEO Mark Schneider said more price action would be necessary, on top of existing price hikes, to mitigate soaring costs.
Barclays noted weakness in the performance of its Health Science division, US frozen meals and notably its Nespresso brand, as coffee consumption shifts back out of home.
One consumer giant that did upgrade full-year expectations this week was Procter & Gamble, which did so after posting double-digit organic growth in the first three months of 2022.
The world’s largest food group Nestlé has warned of further price increases on top of its existing 5%-plus price hikes amid a “sharp” rise in costs.
Beers sales at Heineken have rocketed in the first quarter as pubs reopened across Europe and Asia and the Dutch brewer hiked prices.