Nestle beats forecasts as premium pet food proves to be the cat’s whiskers
◆ Nestlé cashed in on demand for high-end pet food as people lavished attention on their cats and dogs during lockdown, writes Hannah Uttley.
It was boosted by a 12.5pc jump in sales at its Purina Petcare arm, with premium brands Purina Pro Plan and Purina One both particularly popular.
Plant-based food ranges also did well amid a craze for veganism, helping Nestlé offset declining sales in its bottled water and confectionery business in the first half.
Pet prices surged during lockdown, with the average cost of a dog doubling over the past year to £1,400 according to the online marketplace Pets4Homes.
Overall, consumer goods conglomerate Nestlé posted a 2.8pc rise in sales during the first six months of the year – beating analyst forecasts of 2.3pc, and putting the Swiss group ahead of rivals Unilever and Danone which both suffered a decline in the second quarter.
Net profits also beat expectations at 5.9bn Swiss francs (£4.9bn).