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Nestle fell short of earnings expectations for 2017, citing “challenging environments” in their North American and Brazilian markets.

The Swiss food giant posted net income of 7.2 billion Swiss francs ($7.76 billion), versus 9.652 billion francs expected by analysts in a Reuters poll. Sales were reported at 89.8 billion Swiss francs, a 0.4 percent increase on 2016, but below expectations in a Reuters poll of 90.097 billion francs.

The Swiss food giant saw organic growth of 2.4 percent for the year, at the “low end” of expectations, due to a slower growth of 1.9 percent in their fourth quarter, according to the company’s press release. It forecasts growth of between 2 and 4 percent for 2018.

The numbers fell just short of the company’s projections, Nestle CEO Mark Schneider said in a press release.

“Our 2017 organic sales growth was within the guided range but below our expectations, in particular due to weak sales development towards the end of the year,” he said.

Schneider meanwhile described sales growth in Europe and Asia as “encouraging”. Sales in China saw modest improvement on the previous year, while all categories reported positive growth, led by coffee, petcare and Nestle Health Science, the press release said.