Nestle profit up 13% but misses sales growth target

GENEVA: Nestle SA, the world’s largest food group whose portfolio of brands includes Nescafe coffee, KitKat chocolate bars and Perrier water, reported yesterday a 13% rise in 2002 profit but said core sales growth failed to reach its own target. 

The group's net income for 2002 amounted to 7.56 billion francs (US$5.57bil), boosted by one-off factors such as the spin-off of part of its eye-care unit Alcon, while sales rose 5.3% to 89.16 billion francs.