Nestle cuts 2020 growth forecast as consumers ate into stockpiles in Q2

Swiss giant lowers its expectations for organic growth this year to 2-3%, from 'more than 3.5%' previously

Nestle cut its full-year underlying sales forecast on Thursday, saying demand had slowed as customers worked their way through cupboards they stocked up with food at the start of coronavirus related-lockdowns.

Packaged food companies have weathered the crisis better than other industries as consumers bought coffee, pasta or infant formula in bulk during Covid-related lockdowns, although Nestle's business supplying restaurants and cafes restaurants has suffered.

Organic sales growth, excluding currency swings and mergers and acquisitions, slowed to 1.3% in the three months to June, down from 4.3% in the first quarter, the maker of KitKat chocolate bars and Nescafe coffee, said in