Unilever beat underlying sales growth forecasts after again raising prices to offset higher costs, sending shares in the maker of Dove soap and Ben & Jerry's ice cream 5% higher
Focus is on volume growth -finance chiefon Tuesday beat underlying sales growth forecasts after again raising prices to offset higher costs, boosting shares in the maker of Dove soap and Ben & Jerry's ice cream.
"My early immersion in the business has confirmed my belief in Unilever's strong fundamentals," new CEO Hein Schumacher said in a statement. These are Schumacher's first Unilever results, having taken over from Alan Jope earlier this month. In February it had forecast net material inflation for the first half at around 1.5 billion euros, saying it would continue to raise prices in the first half of the year and ease up on those hikes in the second half.
"It's a nice positive surprise because margins have come in at 17.1%," said Jochen Kurz, fund manager at German Unilever investor Kahler & Kurz Capital, referring to the company's first-half underlying operating margin.
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