Nestle to launch £5bn buyback
(City A.M. (UK) Via Acquire Media NewsEdge) Nestle, the world's biggest food group, announced an Sfr8bn (£5.23bn) share buyback and stood by its full-year sales forecast yesterday, after revenue growth in emerging markets picked up in the second quarter. Profit at Nestle, whose brands range from KitKats to Nescafe coffee, fell about 10 per cent to Sfr4.6bn in the six months to June, short of analysts' average estimate of 5.01bn francs, as the strong Swiss franc and higher input costs took their toll. In franc terms, sales fell 4.8 per cent to Sfr42.98bn.
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