Jul 26, 2022
Unilever raises full-year sales guidance after increasing prices 11%
Unilever increased prices for its products 11 per cent in the second quarter from a year earlier and raised its full-year sales guidance, as it battles to pass on more cost increases to consumers. Prices for its merchandise, which include Hellmann's mayonnaise, Cif cleaning products and Wall's ice cream, rose 11.2 per cent in the three months to the end of June, but at the cost of a 2.1 per cent drop in sales volumes, bringing underlying sales growth to 8.8 per cent for the quarter. Sales growth for the full year will be above a previously signalled range of 4.5 to 6.5 per cent, Unilever said. Turnover was up 8.1 per cent in the first half year on year to €29.6bn. Shares in the group rose 2.2 per cent in early London trading on Tuesday to £40.04. Underlying operating margin was 17 per cent, down from 18.8 per cent a year earlier, and is expected to come in at 16 per cent for the full year, marking the impact of cost increases that will not be fully passed on to consumers.
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