Nestle cut its full-year underlying sales forecast on Thursday, saying demand had slowed as customers worked their way through cupboards they stocked up with food at the start of coronavirus related-lockdowns.
FILE PHOTO: Nestle logo is pictured on the door of the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. REUTERS/Pierre Albouy
Packaged food companies have weathered the crisis better than other industries as consumers bought coffee, pasta or infant formula in bulk during COVID-related lockdowns, although Nestle’s business supplying restaurants and cafes restaurants has suffered. Net profit grew by 18.3% to 5.9 billion Swiss francs in the first half, ahead of a forecast for 5.07 billion francs in the poll, and the margin improved by 30 basis points to 17.4%.
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