VEVEY: Swiss food giant Nestlé reported its best quarterly sales growth in nearly five years on Friday as consumers stockpiled everything from Purina pet food to Nescafé coffee to frozen meals to prepare for coronavirus lockdowns.
In Europe, Middle East and North Africa, most categories of Nestlé product won market share, the company said. Maggi noodles and plant-based products from its Garden Gourmet brand did well, though water sales declined as fewer people ate out. For Nestlé, underlying sales in Asia fell 4.6% as customers in China stayed away from restaurants and shops for much of the quarter though online sales there jumped. The Swiss company also said prices had dropped in both North America and Europe.Nestlé said it was launching a 500 million Swiss franc programme to help the cafés and restaurants it supplies by extending payment terms and suspending rental fees for coffee machines.
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