Unilever sales rise more than expected in first quarter

Unilever sales jumped more than expected in the first quarter as chief executive Hein Schumacher pushes ahead with his turnaround plan.

Sales rose 4.4 per cent in the first three months of the year, ahead of analyst expectations of 3.5 per cent.

The stock cube and soap maker also increased volumes for the second consecutive quarter as it makes headway in winning back market share. A prolonged period of high inflation has stretched consumer budgets and pushed shoppers to cheaper supermarket brands.

The beauty and wellbeing unit, which includes premium skincare, was the fastest-growing division with sales rising 7.4 per cent.

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Unilever reiterated Thursday that it expects sales growth of between 3 per cent and 5 per cent this year, with a modest improvement in its underlying operating margin.

In March, Unilever announced the spinoff or sale of its ice cream business, which has around €8 billion in annual sales. - Bloomberg