Nestle sales fall 6.2% to 20.8B Swiss francs in Q1

Friday, 24. April 2020 07:26

Nestle S.A. reported on Friday that its sales for the first quarter of fiscal 2020 came in at 20.8 billion Swiss francs, declining 6.2% compared to the same period in 2019. The fall was attributed to acquisitions net of divestitures and foreign exchange.

The company noted its organic growth reached 4.3% in the three-month period and added its outlook for full-year 2020 has not been changed as it is still "too early to assess the fulll impact" of the coronavirus pandemic.

"The COVID-19 crisis continues to impact all our lives in powerful and sometimes tragic ways," CEO Mark Schneider stated. "Our company remained resilient in the first quarter, reflecting our diversified product portfolio and our strong local presence in 187 countries. However, this crisis is far from over and we will face many uncertainties in the coming quarters. We will continue to adapt quickly to changing consumer needs and to challenges in our global supply chains," he added.

Related Links: Nestlé SA
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Breaking the News / NP