Unilever 1Q Turnover Rose Above Market Views Amid Higher Inflation

By Michael Susin

Unilever PLC said Thursday that first-quarter turnover and sales rose above market expectations despite higher input costs, which it expects to normalize in 2023 and 2024.

The Anglo-Dutch multisector retailer--which owns consumer brands such as Ben & Jerry's ice cream, Dove soap and Cif and Domestos cleaning products--said turnover in the period rose 11.8% to 13.8 billion euros ($14.57 billion). This compares with a consensus forecast of EUR13.24 billion, taken from the company's website.

The company's underlying sales growth rose 7.3% on year compared with a company-provided consensus forecast of 4.4%.

Unilever said it will take further pricing action to face inflation headwinds, which is expected to effect sales volumes as a result.

"We now expect underlying sales growth in 2022 to be towards the top end of the previously guided range of 4.5% to 6.5%. We will ensure that we protect the health of our brands as we continue to invest competitively", it said.

The board declared a quarterly dividend of EUR0.4268 a share, unchanged from the year-ago period.

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

April 28, 2022 02:50 ET (06:50 GMT)

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