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Business

Price increases spur Nestle sales growth

Nestle Nestle SA Mark Schneider London

Nestle Kit Kat bars in London. REUTERS

LONDON: Nestle SA's sales growth unexpectedly accelerated as shoppers splashed out on Purina and Friskies food for their pets despite higher prices.

Sales rose 9.3% on an organic basis in the first quarter, 2 percentage points faster than analysts' estimates, making this one of Nestle's biggest beats in years. The stock rose as much as 1.5% in Zurich.

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