Unilever, the maker of Magnum ice cream and Flora spreads, reported first-quarter sales growth that beat estimates, boosted by an early Easter holiday.
Underlying revenue increased 2.8 per cent, London- and Rotterdam-based Unilever said Thursday, compared with the 2.1 per cent median estimate of 17 analysts surveyed by Bloomberg. Growth accelerated from the fourth quarter’s 2.1 per cent, despite the company having flagged a falloff in January.
“The actions we have been taking to put us on track for higher levels of growth are starting to pay off,” chief executive officer Paul Polman said in a statement.
Polman is adding new products such as the Ben & Jerry’s Cookie Core range and smaller sized ice creams in Europe to boost demand. The executive is grappling with the most difficult stretch of his six-year tenure as the company’s broad emerging-market presence has shifted from a boon to a burden amid reduced consumer spending from China to Brazil.
Unilever also hasn’t secured a big acquisition, although it might find targets among rival Procter & Gamble’s fire sale of brands.
Bloomberg News, edited by ESM
