Unilever Warns on Underlying Sales Growth for 2019
December 17 2019 - 2:52AM
Dow Jones News
By Adriano Marchese
Unilever PLC (ULVR.LN) warned Tuesday that it expects a slight
miss against previous expectations of underlying sales growth in
2019, and that for 2020 it expects growth to be in the lower half
of its guided range.
The Anglo-Dutch maker of Hellmann's mayonnaise and Dove soap
said 2019 underlying sales growth, a metric which excludes
exceptional costs, would be below its guidance of the lower half of
its 3% to 5% multi-year range.
"Due to challenges in certain markets, we expect a slight miss
to our full year underlying sales growth delivery," Chief Executive
Alan Jope said.
However, the company noted that earnings, margin and cash are
not expected to be affected.
The company blamed challenges in the quarter in some markets,
including an economic slowdown in South Asia and that trading in
developed markets continues to be challenging as well.
Unilever cautioned that a full recovery will take time.
Looking forward to 2020, the company said that growth will be
second-half weighted, and first-half growth will be below 3%. For
the full year, underlying sales growth is expected to be in the
lower half of the multi-year range.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 17, 2019 02:37 ET (07:37 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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