Nestle raises full-year guidance after third-quarter sales beats poll

In this news, we discuss the Nestle raises full-year guidance after third-quarter sales beats poll.

ZURICH (Reuters) – Nestlé NESN.S on Wednesday raised its forecast for organic sales growth to around 3% for 2020 after posting better-than-expected growth of 4.9% for the third quarter, driven by strong demand for pet food and health products.

The world’s largest food group has weathered the COVID-19 pandemic better than some of its peers thanks to its large portfolio, with resilient pet food and healthcare companies offsetting lower food sales to restaurants and cafes.

For the first nine months of the year, coffee maker Nescafé and chocolate maker KitKat said its organic sales rose 3.5%, compared to analysts’ average estimate of 2.8%, according to a consensus provided by the company.

Reporting by Silke Koltrowitz, editing by John Revill

Original © Thomson Reuters

Originally posted 2020-10-20 23:06:09.

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