LONDON, Oct 26 (Reuters) - Unilever met market expectations for third-quarter sales growth after raising prices at a slower rate but still failing to win back some shoppers who traded down to cheaper products during a cost of living crisis.
Unilever reported a 5.2% rise in underlying sales, meeting analysts' average forecast, a company-provided consensus showed.
Chief Executive Hein Schumacher, who took up the role in July this year, also laid out a plan to turn around the company's performance.
"Our performance in recent years has not matched our potential. The quality of our growth, productivity and returns have all under-delivered," Schumacher said.
Unilever will now focus on faster growth, greater productivity and simplicity, he said.
The consumer goods industry has struggled with soaring costs for over two years, as everything from sunflower oil and shipping to packaging and grain became more expensive during the pandemic. The higher costs worsened after Russia invaded Ukraine, sending energy costs to record highs last year.
Underlying price growth for the third quarter was 5.8% while underlying volumes were down 0.6%. Prices increased at a faster pace than expected by analysts, who also forecast that volumes would rise for the first time in about two years.
The company also named Fernando Fernandez, currently president of the beauty and wellbeing business, as its new chief financial officer.
