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Nestle profit falls on stronger Swiss franc

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FRANKFURT, Germany (AP) — Nestle SA saw its sales and profits fall in the first half of the year due largely to a stronger Swiss franc.

The maker of the Haagen-Dazs, Stouffer's and Nescafe brands said Thursday its performance had been "resilient" in a global economy where emerging-market growth has slowed and developed markets face deflationary pressures and weak consumer confidence. The company saw some higher prices for raw materials, particularly in milk products.

The Vevey, Switzerland-based company reaffirmed its outlook and announced an 8 billion Swiss franc ($8.8 billion) share buyback to be completed by the end of 2015.

Sales fell 4.8 percent to 42.981 billion francs ($47.279 billion) from the same period a year ago. Net profit fell 9.4 percent to 4.634 billion francs.

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