Nestle raised its guidance for 2020 organic sales growth to around 3% and reaffirmed its ambition to return to mid-single digit growth after strong demand for pet food, coffee and health products boosted quarterly growth.
The maker of Nescafe coffee and Kitkat chocolate has weathered the pandemic better than some peers as its focus on high-growth categories helped offset a slump in food sales to restaurants and cafes. Demand for food and drinks consumed at home remained strong during lockdowns, while sales of products consumed outside home and on the go - about 15% of Nestle's sales - fell 26.4% in the third quarter, Nestle said.
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