Unilever: first-half sales down, but analysts feared worse
(CercleFinance.com) - Today Unilever unveiled its first-half results, which showed that overall underlying sales slipped just 0.
1%, which was better than feared.
The maker of Magnum ice cream and Axe deodorant said volumes fell 0.3%, but prices rose by 0.2%.
Underlying sales of the home care business grew 3.2%, helped by demand for household cleaning products in times of pandemic. Cif surface cleaners and other home and hygiene brands delivered high-teens underlying sales growth, the Anglo-Dutch group said.
Underlying operating profit was 5.1 billion euros, up 3.8%, with an underlying operating margin improving by 50 basis points.
"Amidst a challenging trading environment, Unilever exceeded the highest analyst estimate on both the top and bottom line," analysts at Liberum noted.
Shares of the consumer goods giant jumped by almost 8% on Thursday morning, which helped push Amsterdam's AEX index 1% higher.
Copyright (c) 2020 CercleFinance.com. All rights reserved.