Unilever Downbeat On Europe, China Consumer Demand: Report

Unilever Downbeat On Europe, China Consumer Demand: Report
  • Unilever Plc UL has raised its full-year sales guidance as it raised prices to overcome surging costs. The consumer goods giant expects FY22 sales growth to be above 8%.
  • It sees FY22 material inflation at around €4.5 billion, with €2.5 billion in the second half.
  • As a result of a rise in the cost of energy and key ingredients due to Russia's invasion of Ukraine, Reuters reported, Unilever's margins have taken a beating. Hence to match up to the costs, Unilever has raised prices sharply.
  • Price growth increased to 12.5% in the quarter, with volumes declining by 1.6%.
  • "Consumer sentiment in Europe is at an all time low," the report quoted CFO Graeme Pitkethly.
  • He also warned of a "confluence of events" in Europe, with energy prices and inflation rising and consumers' savings waning.
  • Price Action: UL shares are trading lower by 0.91% at $44.57 in premarket on the last check Thursday.
  • Photo Via Company

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