Net profit grew by 18.3% to 5.9 bil Swiss francs (US$6.46 bil) in the first half. FMTNews
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.
Organic sales growth, which excludes the effect of currency swings and acquisitions, eased to 1.3% in the three months to June, from 4.3% in the first quarter, the maker of KitKat chocolate bars said in a statement.The Swiss giant lowered its expectations for organic growth this year to 2-3%, from “more than 3.5%” previously. Its trading operating margin is expected to improve after progressing to 17.4% in the first half.
At Nestle, organic growth for the first half reached 2.8%, above a forecast for 2.3% in a company-compiled analyst poll. “A solid set of figures which were ahead of street expectations and once again underscore the group’s solid characteristics,” said Kepler Cheuvreux analyst Jon Cox.
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