Dove, Knorr, Rexona, and Sunsilk were all highlighted as contributing factors to the Power Brands’ success. Credit: Unilever.

Unilever reported underlying sales growth of 4.4% in the first quarter (Q1) of 2024. The company attributed this growth to an increase in volume growth, which rose to 2.2% in Q1 compared to 1.8% in the fourth quarter of 2023.

Unilever‘s Power Brands segment, which makes up 75% of the company’s turnover, reported underlying sales growth of 6.1%. This growth was driven by a 3.8% increase in volume. Dove, Knorr, Rexona, and Sunsilk were all highlighted as contributing factors to the Power Brands’ success.

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The Beauty & Wellbeing category led volume growth across all categories with a 5.6% increase. 

Health & Wellbeing and Prestige Beauty segments both continued their double-digit growth trends. Sales growth in Personal Care (4.8%) was positive despite facing a difficult comparison to a strong performance in the same quarter of the previous year.

Home Care underlying sales grew 3.1%. This increase was driven by volume growth (4.3%) which offset a slight decline in price.

Nutrition sales grew 3.7% with a slight volume decline (-0.4%). The company expects volume growth in Nutrition to pick up as the year progresses.

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Ice Cream sales grew 2.3%, driven primarily by price increases. As previously announced, Unilever is undergoing a separation process for the Ice Cream segment, which is expected to be completed by the end of 2025.

Unilever maintained its 2024 guidance, expecting underlying sales growth to fall within the multi-year range of 3% to 5%. The company also expressed confidence in achieving a modest improvement in its underlying operating margin for the full year.

The company highlighted its commitment to the ‘Growth Action Plan’ which focuses on achieving higher-quality growth, a simpler and more productive business model, and a strong performance focus.

The separation of Ice Cream and the implementation of a comprehensive productivity program are key initiatives to achieve these goals.