ZURICH: Nestle has cut its full-year underlying sales growth forecast to 2%-3%, 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.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!