Nestlé has ridden a pandemic-fueled boom in at-home coffee consumption to its best quarter in years.
Nestlé has ridden a pandemic-fueled boom in at-home coffee consumption to its best quarter in years.
Sales were up 7.7% year-over-year for the most recent quarter. Much of that surge came from strong sales for Nespresso pods, Nescafé instant coffee and Starbucks products, for which Nestlé purchased the retail rights in 2018. Nespresso sales alone were up 17%.
Coffee sales were initially helped by coffee being temporarily unavailable in some retail stores during the early stages of the pandemic. Then, as it wore on, many consumers invested in French presses, espresso machines and other gear designed to make their home coffee experience closer to what they had been used to in restaurants and cafés.
“We clearly benefited from people enjoying their coffee at home rather than in the office or the cafeteria,” a Nestlé spokesman told the Wall Street Journal. Nestlé also had strong sales in product categories that did especially well in the pandemic, including ice cream, baking ingredients and pet food.
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