Nestle reports a jump in first-quarter sales
The company maintained its original full-year 2020 guidance for the time being
Stocks impacted: Nestle (NESN)
The world’s largest food maker reported a 4.3% rise in organic sales growth for the first quarter while total sales for the three months to the end of March fell 6.2% to 20.8 billion Swiss francs ($21.30 billion), down from 22.18 billion Swiss francs the previous year. Organic growth was supported by strong momentum in the Americas and Zone EMENA (Europe, Middle East and North Africa). Meanwhile, underlying sales in Asia fell 4.6%. The food giant also maintained its original full-year 2020 guidance for the time being as “it is still too early to assess the full impact of COVID-19”. Nestle expects continued improvement in organic sales growth and underlying trading operating profit margin. The company’s stocks gained 1.36% following the report.
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