In its statement, Nestle said the cost of portfolio restructuring and the currency impact were the main reasons behind the miss.
(Read More: L'Oreal to buy 8% of its shares from Nestle)
Furthermore, price pressures from Europe and weak demand from emerging markets added to the group's woes. Nestle warned investors that the headwinds would continue through the current year.
Bulcke said 2014 would be "pretty much in line" with 2013 as consumer confidence in the U.S. and Europe remains subdued and growth in emerging markets slows.
"The developing markets are developing further but on another pace, and I feel this is more sustainable", he continued.
"We play on both", Bulcke added when asked whether Nestle should scale back operations in some regions." That's why we've kept our focus on the developed world. We are growing in Europe."
Paul Bulcke defended the group's 23 percent stake in French cosmetic giant L'Oreal, arguing it didn't need to reduce its stake further for now. L'Oreal announced on Tuesday that it would buy back 8 percent of its capital from Nestle, thus reducing the Swiss's group stake to 23.29 percent from its previous 29.4 percent.
"What we did makes strategic sense", the Nestle CEO said, adding that it had remained loyal to L'Oreal for over four decades and that due to its "quite sizeable" stake, Nestle would remain "a constructive partner in the business."
(Read More: Nestle sells most of JennyCraig to private equity firm)
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