As customers prepared for extended lockdown, Swiss FMCG giant report its best quarterly sales in 5 years.
In comparison to analysts estimates of 3% increase in growth in sales for the first 3 months, sales in Europe and North America were in particular strong at 4.3%.
"A majority of markets, particularly in North America and Europe, saw significantly increased growth in March, partially supported by consumer stockpiling," Nestle said in a statement.
Among other products Purina Pet care sales reported a double digit increase in sales and other Nestle products too gained market share apart from Maggi Noodles and the company's Garden Gourmet brand in North America, Europe and the Middle East.
Jefferies analysts said the company has been outperforming its rival firms and trading at 24.8 times forward earnings compared with 20.9 times for Unilever and 14.5 times for Danone.