The world’s largest food company, Nestlé, is buzzing.
The Swiss packaged food giant posted first-quarter earnings today, revealing that sales rose by 4.3%, beating analyst expectations. Coffee played a big role in the results—specifically, Starbucks coffee.
Nestlé owns the Nespresso brand of capsule-based coffee makers. Last year, it announced that it would pay Starbucks $7.1 billion to license its brand for packaged products outside of the coffee chain’s outlets, like Nespresso pods and branded beans sold at grocery stores. Nestlé launched a new range of 24 Starbucks-branded products in February.