Nestle cuts 2020 growth forecast after 2Q sales slow

The Swiss giant lowered its expectations for organic growth this year to 2-3%, from "more than 3.5%" previously.

ZURICH: Nestle cut its full-year underlying sales growth forecast to 2-3% 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.

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 has suffered.