LONDON: Nestle SA’s sales growth unexpectedly accelerated as shoppers splashed out on Purina and Friskies food for their pets despite higher prices.
Sales rose 9.3% on an organic basis in the first quarter, 2 percentage points faster than analysts’ estimates, making this one of Nestle’s biggest beats in years. The stock rose as much as 1.5% in Zurich.
The performance is a boon for Mark Schneider, who is contending with booming raw material costs in his seventh year as Nestle’s chief executive officer. The results show resilience among big food and consumer-staples companies in the face of the highest inflation in decades: consumers appear to be accepting higher prices without big declines…
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