THE WHAT?   Unilever has announced its financial outcomes for the first quarter of 2024, showcasing an underlying sales growth of 4.4%, with a notable 2.2% increase in volume. This performance is highlighted across all five business groups, with Beauty & Wellbeing leading the growth. The company reported a turnover of €15.0 billion, despite facing a 2.0% currency impact and a 0.9% effect from net disposals.

THE DETAILS   The growth was primarily driven by Unilever’s Power Brands, which constitute 75% of the turnover, achieving a 6.1% underlying sales growth due to a 3.8% increase in volume. Amidst this financial growth, Unilever has also announced the separation of its Ice Cream business and the initiation of a significant productivity program to further its Growth Action Plan. Despite various market challenges, the company maintains its 2024 outlook with an expected underlying sales growth of 3% to 5% and anticipates a modest improvement in underlying operating margin.

THE WHY? Unilever’s CEO, Hein Schumacher, commented on the quarter’s results, emphasizing the implementation of the Growth Action Plan which focuses on delivering high-quality growth, streamlining the business, and reinforcing a strong performance orientation. The plan includes the recent strategic decision to spin off the Ice Cream segment and launch a comprehensive productivity initiative aimed at fostering faster growth and cost reduction.