Unilever has seen its first-quarter sales rise more than expected, up 4.4%, boosted by the success of its ‘power brands’.
The brands, which include grocery favourites such as Ben & Jerry’s, Cornetto, Dove, Hellmann’s and Magnum, formed 75% of the FMCG giant’s turnover in the first quarter of 2024.
Elsewhere, its beauty and wellbeing division posted underlying sales growth of 7.4 % and volume growth of 5.6%, bolstered by continued double-digit growth from health and wellbeing and prestige beauty.
Unilever’s first quarter results are a marked improvement to its underwhelming 2024 fourth quarter where new CEO Hein Schumacher called the FMCG’s performance “disappointing” and said he was determined to bolster the company’s “competitiveness“.
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Schumacher said today: “We are implementing the ‘Growth Action Plan’ at speed, focused on three clear priorities: delivering higher-quality growth, creating a simpler and more productive business, and embedding a strong performance focus.
“This is underpinned by our commitment to do fewer things, better and with greater impact. Unilever’s transformation is at an early stage, but we have increasing confidence in our ability to deliver sustained volume growth and positive mix as we accelerate gross margin expansion.”
Unilever’s is currently looking to offload its ice cream business in a bid to become a “leaner and more accountable” business.
However, it is thought the FMCG giant has encountered some difficulty in finding a potential buyer for the division due its its sheer size, as it is valued at £15bn and includes Magnum, Wall’s and Ben & Jerry’s.
