Nestle reports higher sales even as it raises prices
VEVEY, Switzerland (AP) — Global food giant Nestle has 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 that makes Purina pet food, KitKat candy bars and Gerber baby food said Thursday that total reported sales grew by 9.2%, to $47.53 billion, compared with the same period last year. It said net profit, however, decreased by 11.7%, to $5.42 billion, because of one-time expenses such as taxes. Nestle says Purina was its biggest sales driver and it saw strong growth for baby formula after a shortage in the United States this year.