By Michael Susin
Nestle said it doesn't plan to launch a further share buyback after its current 20 billion Swiss franc ($22.64 billion) program ends this year.
The maker of KitKat chocolate bars and Nescafe coffee on Tuesday tempered investors' expectations of new returns as Chief Financial Officer Anna Manz said the company is currently at the top of its debt range.
This comes after Nestle launched a growth-focused strategy under Chief Executive Laurent Freixe's plan to revive sales growth at the Swiss food giant. Freixe now seeks to step up investment in advertising and marketing to boost sales.
Nestle continued its buyback program even during the pandemic period, when many companies halted their returns to shareholders to deal with rising costs and logistic disruptions.
Shares are down 1.8% at 76.8 Swiss franc.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
November 19, 2024 05:42 ET (10:42 GMT)
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