Nestle reported a 4.3% rise in organic sales growth for the first quarter, the food giant said on Friday, as consumers filled cupboards with Purina pet food and Nescafe coffee to prepare for lockdowns caused by the coronavirus pandemic.
) reported a 4.3% rise in organic sales growth for the first quarter, the food giant said on Friday, as consumers filled cupboards with Purina pet food and Nescafe coffee to prepare for lockdowns caused by the coronavirus pandemic.
Nestle said it is launching a 500 million Swiss franc program to help the cafes and restaurants it supplies during the new coronavirus crisis, by extending payment terms and suspending rental fees for coffee machines. Analysts on average were expecting a 3.0% increase in first-quarter underlying sales growth, according to company-supplied estimates.
The Vevey, Switzerland- based company also said it was launching a strategic review of its struggling Yinlu peanut milk and canned rice porridge businesses in China. The businesses generated sales of 700 million Swiss francs last year.
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