Unilever Raises Prices to Maintain Sales
October 13 2016 - 3:10AM
Dow Jones News
LONDON—Unilever PLC Thursday said its third-quarter revenue
climbed 3.4% at constant currency as the company offset volume
declines with higher prices.
The maker of Magnum ice cream and Dove shampoo posted
third-quarter sales growth on an underlying basis—which strips out
the impact of acquisitions, disposals and exchange-rate changes—of
3.2%, down from 5.7% growth in the same period a year earlier.
Including a negative currency impact of 3.4%, revenue was flat
at €13.4 billion ($14.8 billion). Profit figures weren't
disclosed.
The results come as the Anglo-Dutch consumer goods giant has
been grappling with a slump in the pound following Britain's vote
to leave the European Union. Unilever's products were unavailable
on British grocer Tesco PLC's website as of Wednesday after
Unilever demanded Tesco raise prices and the grocer refused.
On an underlying basis, Unilever reported sales growth in
emerging markets weakened to 5.6% from 8.4% a year earlier. In
developed markets, underlying sales growth was flat compared with
2.1% rise a year earlier.
Corrections & Amplifications: Unilever raised its prices to
maintain sales. An earlier version of this article misspelled the
company name in the headline. (Oct. 13, 2016)
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
(END) Dow Jones Newswires
October 13, 2016 02:55 ET (06:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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