Nestle Sees Sales Growing at Similar Rate as 2019, CEO Says
Nestle’s organic sales should grow this year on average at roughly the same pace as last year, according to Chief Executive Officer Mark Schneider.
The world’s largest food maker generates some 90% of its revenue from in-home consumption, which has benefited from lockdown and social-distancing measures, Schneider said on Swiss television program Bilanz Standpunkte on SRF 1. On the other hand, sales to restaurants, canteens and airports were “strongly negative.”
The maker of KitKat chocolate and Nespresso coffee had organic sales growth of 3.5% last year, and forecast in October a rate of “around 3%” for 2020.
Schneider also said the company is facing the new year with a healthy dose of pessimism.
“We’re in a global recession, that will most likely for the most part continue in 2021,” Schneider said.
©2020 Bloomberg L.P.