Unilever reports 'another strong quarter of growth'

Unilever has reported a 10.6% increase in sales to £13.7 billion (€15.8 billion) for the third quarter, with growth across all business groups.

The owner of Dove and Vaseline said its price growth stepped up to 12.5%, with volumes declining 1.6%.

The beauty and wellbeing division grew 6.7% to £2.8 billion (€3.3 billion), whilst prestige beauty saw growth from Paul's Choice and Living Proof.

Personal care sales were up 8.9% to £3.1 billion (€3.6 billion), led by increased pricing and a lower volume decline as deodorants returned to volume growth. Skin cleansing delivered double-digit price growth and oral care achieved high single-digit growth.

For the first nine months of 2022, Unilever shared the following results:

• Underlying sales growth of 8.9% to £39.5 billion (€45.6 billion).
• European turnover up 5.4% to £2.6 billion (€3.1 billion).
• Beauty and wellbeing turnover up 7.8% to £7.8 billion (€9 billion).
• Personal care up 7.5% to £8.7 billion (€10.1 billion).

Looking ahead, Unilever now expects underlying sales growth for FY22 to be above 8%, with more negative underlying volume growth than in the first nine months.

Alan Jope, CEO of Unilever, said: “Unilever has delivered another quarter of growth in challenging macroeconomic conditions.

“Our organisation is now better structured to deliver consistent growth through a simpler, more category-focused operating model. The full benefits will be realised over time and we are seeing encouraging early signs of improved accountability and faster decision-making.

“The global macroeconomic outlook remains mixed, and we expect the challenges of high inflation to persist in 2023. The delivery of consistent growth remains our first priority.”