Stock Market News

Unilever hikes prices as cost pressures build

2022.04.28 09:56

Unilever hikes prices as cost pressures build
Unilever logo is displayed in this illustration taken on January 17, 2022. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) -Unilever beat first-quarter sales forecasts as the maker of Dove soap and Ben & Jerry’s ice cream hiked prices by more than 8% to offset higher supply chain and energy costs, more than outweighing a dip in sales volumes.

The company warned on Thursday it expected to raise prices further, increasing its forecast for cost inflation in the second half of the year to 2.7 billion euros ($2.8 billion) due to “the outbreak of war in Ukraine and the related increase in raw material inflation.”

It now expects full-year underlying sales growth to be towards the top end of its 4.5-6.5% guidance range, but the full-year underlying operating margin towards the bottom end of its 16-17% range.

Consumer goods makers around the world have been raising prices to make up for soaring energy, commodities, labour and transportation costs, with the Ukraine conflict exacerbating inflationary pressures already building in the recovery from the COVID-19 pandemic.

Rivals Procter & Gamble (NYSE:PG) and Nestle have also reported strong sales growth in recent days after lifting prices, but some analysts are concerned consumers may increasingly switch to cheaper own-brand products as their incomes are squeezed.

Unilever (NYSE:UL)’s first-quarter underlying sales rose 7.3%, beating analysts’ average forecast of 4.4% in a company-supplied poll.

Prices rose 8.3%, while volumes fell 1%. Analysts had expected a 6.3% rise in prices and a 1.7% decline in volumes.

($1 = 0.9511 euros)

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,182.31 4.07%
ethereum
Ethereum (ETH) $ 3,486.94 2.26%
tether
Tether (USDT) $ 0.99943 0.05%
xrp
XRP (XRP) $ 2.30 1.66%
bnb
BNB (BNB) $ 703.07 1.55%
solana
Solana (SOL) $ 198.90 4.12%
dogecoin
Dogecoin (DOGE) $ 0.333856 3.37%
usd-coin
USDC (USDC) $ 1.00 0.02%
staked-ether
Lido Staked Ether (STETH) $ 3,482.70 2.19%
cardano
Cardano (ADA) $ 0.925348 1.28%
tron
TRON (TRX) $ 0.256517 1.66%
avalanche-2
Avalanche (AVAX) $ 41.20 5.98%
chainlink
Chainlink (LINK) $ 24.87 2.78%
the-open-network
Toncoin (TON) $ 5.86 4.32%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,136.88 2.43%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 3.43%
sui
Sui (SUI) $ 4.61 1.10%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,791.20 3.83%
hedera-hashgraph
Hedera (HBAR) $ 0.311629 4.35%
stellar
Stellar (XLM) $ 0.390006 4.31%
polkadot
Polkadot (DOT) $ 7.45 1.77%
hyperliquid
Hyperliquid (HYPE) $ 29.89 0.55%
weth
WETH (WETH) $ 3,486.43 2.25%
bitcoin-cash
Bitcoin Cash (BCH) $ 464.97 0.92%
leo-token
LEO Token (LEO) $ 9.49 0.87%
uniswap
Uniswap (UNI) $ 14.22 1.22%
litecoin
Litecoin (LTC) $ 108.41 1.62%
pepe
Pepe (PEPE) $ 0.000019 3.57%
bitget-token
Bitget Token (BGB) $ 5.12 15.89%
near
NEAR Protocol (NEAR) $ 5.55 2.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,678.94 2.14%
ethena-usde
Ethena USDe (USDE) $ 0.999309 0.04%
aave
Aave (AAVE) $ 375.77 1.04%
aptos
Aptos (APT) $ 9.77 2.44%
internet-computer
Internet Computer (ICP) $ 11.35 5.40%
usds
USDS (USDS) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.161498 0.49%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.519556 3.11%
vechain
VeChain (VET) $ 0.052237 8.09%
ethereum-classic
Ethereum Classic (ETC) $ 27.61 1.12%
mantle
Mantle (MNT) $ 1.23 1.67%
render-token
Render (RENDER) $ 7.77 0.14%
bittensor
Bittensor (TAO) $ 501.89 1.86%
mantra-dao
MANTRA (OM) $ 3.81 0.15%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.38 1.32%
monero
Monero (XMR) $ 195.24 3.72%
whitebit
WhiteBIT Coin (WBT) $ 24.83 1.54%
dai
Dai (DAI) $ 1.00 0.15%
arbitrum
Arbitrum (ARB) $ 0.807592 0.92%
filecoin
Filecoin (FIL) $ 5.40 4.03%