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Unilever second-quarter sales growth beats estimates

Jul 21 2016 09:04
Thomas Buckley


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London - Unilever reported second-quarter sales growth that slightly beat estimates as the maker of Ben & Jerry’s ice cream delivered gains in sales of deodorants and hair care products.

Underlying revenue rose 4.7%, London- and Rotterdam-based Unilever said on Thursday, compared with the 4.5% median estimate of 22 analysts surveyed by Bloomberg.
Growth remained steady after the first quarter’s 4.7% uptick, yet the gains came mostly from higher prices for its goods as sales volumes slowed from the first quarter.

"We have been preparing ourselves for tougher market conditions in 2016 and do not see any sign of an improving global economy," chief executive officer Paul Polman said in a statement.

Unilever shares have climbed about 10% since Britain’s vote to leave the European Union, benefiting from the potential boost to earnings from the falling pound. Sales outside the UK account for more than 90% of the company’s revenue.

Unilever is seeking to offset retailer discounting by expanding its e-commerce business and this week bought mail-order razor company Dollar Shave Club in a $1bn deal.

Units sold in the period rose 1.8%, contradicting the company’s forecast that sales volume would improve over the course of the year.

Markets slowed in the quarter, Unilever said, with low growth in emerging regions and declines in both Europe and North America.

Underlying sales exclude acquisitions, divestments, and currency fluctuations.

unilever  |  earnings reports  |  retail


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