Nestlé — one of the world’s biggest food and beverage firms — has shocked Wall Street by revealing a big drop in sales this year. The maker of Nescafé coffee, Purina pet food, Lean Cuisine and Stouffers frozen meals, and DiGiorno pizza said sales are down 2.4% for the 9 months to the end of September. On a company of this scale, such a decline amounts to tens of millions of jars of coffee, pouches of pet food and pizzas that Americans have left on shelves and in freezers. Executives have admitted that they have themselves to blame for hiking prices too steeply over the past 2 years and driving shoppers to cheaper rivals. The company now plans to cut prices and offer discounts to entice consumers to return.
