Unilever Reports Robust Q1 Growth for 2024, Announces Strategic Business Changes
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Unilever Reports Robust Q1 Growth for 2024, Announces Strategic Business Changes

THE WHAT?   Unilever has announced its financial outcomes for the first quarter of 2024, showcasing an underlying sales growth of 4.4%, with a notable 2.2% increase in volume. This performance is highlighted across all five business groups, with Beauty & Wellbeing leading the growth. The company reported a turnover of €15.0 billion, despite facing a 2.0% currency impact and a 0.9% effect from net disposals.

THE DETAILS   The growth was primarily driven by Unilever’s Power Brands, which constitute 75% of the turnover, achieving a 6.1% underlying sales growth due to a 3.8% increase in volume. Amidst this financial growth, Unilever has also announced the separation of its Ice Cream business and the initiation of a significant productivity program to further its Growth Action Plan. Despite various market challenges, the company maintains its 2024 outlook with an expected underlying sales growth of 3% to 5% and anticipates a modest improvement in underlying operating margin.

THE WHY? Unilever’s CEO, Hein Schumacher, commented on the quarter’s results, emphasizing the implementation of the Growth Action Plan which focuses on delivering high-quality growth, streamlining the business, and reinforcing a strong performance orientation. The plan includes the recent strategic decision to spin off the Ice Cream segment and launch a comprehensive productivity initiative aimed at fostering faster growth and cost reduction.

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