Unilever Boosted by Power Brands as Consumers Trade Back Up -- Update

Dow Jones04-25

By Michael Susin and Ian Walker

Dove soap owner Unilever backed its full-year guidance after reporting better than-expected turnover for the first quarter on higher volumes that were boosted by its power brands.

The Anglo-Dutch multisector retailer--which also owns consumer brands such as Cif and Domestos cleaning products--continues to expect sales to grow 3% to 5% this year and a modest improvement in operating margin, both on an underlying basis.

Unilever on Thursday said quarterly turnover rose to 15.0 billion euros ($16.05 billion) from the EUR14.75 billion reported for the same period a year ago. This compares with a market consensus of EUR14.66 billion compiled by the company.

Underlying sales growth was 4.4% on year, beating the 3.0% forecast by analysts. Growth was driven by volumes that rose 2.2%, beating a consensus for a 1.2% rise.

Unilever said that power brand volumes rose 6.1%, with strong performances from Dove, Knorr, Rexona and Sunsilk, as consumers trade back up.

Unilever's volumes returned to growth in the last quarter for the first time in two years, when consumer-goods companies started to lift their prices to pass on the inflationary pressures to consumers, often sacrificing their sales volumes.

Write to Michael Susin at michael.susin@wsj.com and Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

April 25, 2024 02:37 ET (06:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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