Nestle says 2020 held up against virus crisis

ZURICH: Swiss food and snacks giant Nestle said Thursday that it put in a strong 2020 performance despite the coronavirus pandemic although its headline figures fell following a series of asset sales.

Nestle said its net profit fell 3.0 percent to 12.2 billion Swiss francs ($13.5 billion, 11.2 billion euros) while sales dropped 8.9 percent to 84.3 billion Swiss francs.

The year was marked by a series of major sales in sectors falling out of favour with customers, and acquisitions in growth areas such as vegetarian products and health nutrition.

"The global pandemic has not stopped us," Nestle boss Mark Schneider said in a statement, citing continued organic growth for a third consecutive year.

The company said the pandemic with its lengthy lockdowns had boosted demand for food products for animal companions along with pastry goods, coffee, vegetarian and health foods.