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Nestle SA, the world’s biggest food company, reported first-quarter sales that beat analysts’ estimates, as Nescafe and Nespresso were boosted by marketing to ward off competitors in coffee. Sales rose 3.9 percent on an organic basis, the Vevey, Switzerland-based maker of KitKat bars and Perrier water said in a statement Thursday. Analysts had expected 3.6 percent, according to the median estimate in a Bloomberg survey. Nestle expects “further momentum” in the second half, Chief Financial Officer Francois-Xavier Roger said on a call with analysts.
The shares rose 1.7 percent to 72.40 francs as of 10:33 a.m. in Zurich. That gives the Vevey, Switzerland-based food processor a market value of about 230 billion francs ($237 billion), making it Europe’s biggest company.
By Corrine Gretler (Bloomberg)