|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||107.70 - 108.90|
|52-week range||107.70 - 108.90|
|Beta (5Y monthly)||0.27|
|PE ratio (TTM)||23.17|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
(Bloomberg) -- Nestle SA said the outlook for revenue growth this year has improved as its big brands thrive, with Purina pet food benefiting amid an increase in pet ownership during the pandemic.The world’s largest food and beverage company forecast organic sales growth of about 3% this year. That’s after a 4.9% increase in the third quarter, the quickest pace in at least six years. Petcare sales surged 11%, leading gains.Pet adoptions and fostering are at a record high, Purina said last month. Nestle got more than 10 billion francs ($11 billion) of revenue from petcare products in the first nine months of the year, making it the biggest category after powdered and liquid beverages, which includes coffee. Over the past decade, petcare has been one of Nestle’s fastest-growing products, and 2020 is set to be the best year for Purina cat and dog chow in years.Nestle previous targeted sales growth of 2% to 3%. Revenue climbed 3.5% on an organic basis in the nine months through September, beating analysts’ estimates. The stock rose as much as 1.6%.Purina started selling cat food this year that it says helps reduce allergens, a breakthrough for people who have been told to avoid contact with felines. Allergies to dogs and cats affect as much as 20% of the global population, a 2018 study found. Last year, Nestle rolled out a probiotic that it says can help anxious dogs calm down.E-commerce surged 48% in the first nine months of the year, making up 12% of total sales. That helped offset a slump in the food-service sector.(Updates with details on pet ownership from third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Nestle raised its guidance for 2020 organic sales growth to around 3% after beating third-quarter expectations on Wednesday with 4.9% growth driven by strong demand for pet food, coffee and health products. The world's biggest food group has weathered the COVID-19 pandemic better than some peers as its focus on high-growth categories helped offset a slump in food sales to restaurants and cafes. Unilever is due to release a trading statement on Thursday.