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Swiss food and beverage major Nestle on Thursday said it has performed well in the South Asia market in 2020, including in in India where it posted high single-digit growth.
Key brands such as Maggi, Nescafe and KitKat posted robust growth in the Indian market in 2020, Nestle said in a post-earnings statement.
Besides, the company saw sustained momentum in e-commerce sales in India, a segment which has grown in prominence after the pandemic. South Asia continued to perform well, with high single-digit growth in India and a return to positive growth in Pakistan, Nestle said.
Demand in out-of-home channel has improved further in the quarter.
17 Feb, 2021 - 12:23 PM IST | By indiantelevision.com Team
NEW DELHI: Despite a surge in demand post easing of lockdown, Nestlé India has reported a duller than expected 2.25 per cent rise in net profit for the quarter ended 31 December 2020 to Rs 483.3 crore. The company’s revenues in the quarter grew 9 per cent on a year-on-year basis to Rs 3,432.6 crore.
The consumer goods major reported an eight per cent growth in Q4 to Rs 13,290 crore. Operating profit climbed 12 per cent year-on-year to Rs 777 crore.
The maker of Maggi instant noodles said in its earnings statement that sales growth was broad based largely driven by volume and product mix. Demand in the out-of-home channel further improved in the quarter but continues to be impacted by Covid2019.
Analysts said Nestles high staff costs partially negated gross margin expansion, with employee costs up sharply at 25% year-on-year due to higher Covid-linked incentives. The current quarter was further impacted due to finalisation of long-term compensation arrangements for most factory employees.
Eâs Cafe refuse to sell to developers in multi-million dollar project By Janice Broach | February 4, 2021 at 9:06 PM CST - Updated February 4 at 10:22 PM
MEMPHIS, Tenn. (WMC) - A 56 million dollar mixed use development is proposed on a 2.9-acre property in the Medical District.
It will have retail, parking and apartments.
One business on this property isnât selling and the developers told WMC Action News 5 it will have to be sandwiched into the new development.
âI think Midtown is going to be gorgeous when they start,â said Melveana Leake, a Memphis resident. âTheyâre already in the process of upgrading Midtown and I think it is going to get better and better as they renovate and move things around here in the Midtown area.â