Nestle and Unilever both beat revenue expectations

Nestle and Unilever have reported sales that beat estimates as the European food giants pushed through cost increases to combat slowing purchases by pickier consumers opting for quality over quantity.

KitKat maker Nestle said that organic revenue rose 2.3% in the first quarter, compared with the 2% median estimate.

Unilever’s sales growth of 2.9% exceeded analyst predictions of 1.9% as the Hellmann’s mayonnaise provider issued its first results announcement since it rebuffed a takeover approach from Kraft Heinz.