July 30, 2020 / 5:26 AM / 10 days ago

Nestle cuts 2020 growth forecast after Q2 sales slow

ZURICH, July 30 (Reuters) - Food group Nestle on Thursday cut its full-year underlying sales forecast after strong consumer stockpiling at the start of coronavirus related-lockdowns in Europe and North America was followed by weaker demand in the second quarter.

Organic sales growth, excluding currency swings and mergers and acquisitions, slowed to 1.3% in the three months to June, from 4.3% in the first quarter, the maker of KitKat chocolate bars and Nescafe coffee, said in a statement.

The Swiss giant lowered its expectations for organic growth this year to 2-3%, from “more than 3.5%” previously. (Reporting by Silke Koltrowitz)

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