Hoarding for lockdown drives best Nestle sales growth in years [Reuters]
Unilever PLC (UL)
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Source: Reuters
Hoarding for lockdown drives best Nestle sales growth in years (Reuters) - Swiss food giant Nestle ( NESN.S ) reported its best quarterly sales growth in nearly five years on Friday as consumers stockpiled anything from Purina pet food to Nescafe coffee to frozen meals in preparation for coronavirus lockdowns. Sales in North America and Europe were particularly strong in March, helping to drive an overall rise of 4.3% in the first three months of the year, beating analyst expectations for a 3% increase. In North America, Purina Pet care sales rose by a double-digit percentage while Nescafe and Coffee Mate drinks had high single-digit increases. In Europe, Middle East and North Africa, most categories of Nestle product won market share, the company said, with its Maggi noodles doing well. Chief Executive Mark Schneider said Nestle was working to adapt to the virus conditions and ensure it had enough raw materials and factory capacity to meet the increased demand, while also taking sa
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