Nestle Q1 sales beat estimates as consumers hoard pet food, coffee

Analysts on average were expecting a 3.0% increase in first-quarter underlying sales growth, according to company-supplied estimates

Nestle reported a 4.3% rise in organic sales growth for the first quarter, the food giant said on Friday, as consumers filled cupboards with Purina pet food and Nescafe coffee to prepare for lockdowns caused by the coronavirus pandemic.

Increased at-home consumption and stockpiling in North America in March because of government-imposed lockdowns lifted demand for Purina Pet care and Hot Pockets frozen food, Nestle said.

Total sales for the three months to the end of March fell 6.2% to 20.8 billion Swiss francs ($21.30 billion) mainly due to divestitures of its Skin Health and U.S. ice-cream business last