Unilever Plc raised its full-year sales guidance after beating first-half underlying sales forecasts as the maker of Dove soap and Knorr stock cubes hiked prices to counter soaring costs, lifting its shares on Tuesday.
One of the biggest consumer companies in the world, with more than 400 brands ranging from detergent to ice cream, Unilever's costs have surged since the start of the COVID-19 pandemic created global supply chain logjams.
The price hikes come despite retailers pushing back against consumer product suppliers, worried about ceding margins and alienating shoppers. However, Pitkethly added: "We expect peak inflation to come in the second half of the year. I don't think we'll be able to catch up in the current quarter." Underlying sales grew 8.1%, beating analyst expectations of 7.2% growth, according to a company-provided consensus for the half to June 30.
Investors cheered the results, with Unilever shares rising almost 3.2% at their high. The stock was up 2.0% as of 1019 GMT, still among the top gainers on the FTSE 100 index. Swiss chocolate maker Lindt & Spruengli on Tuesday also raised its sales guidance after its first-half net profit jumped 36%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumer interest is being overlooked and manipulatedIt's time for consumers to rebel against higher prices, corporate malfeasance, and government inaction.
Read more »
McDonald’s sales beat estimates on steady fast-food demandDespite the rising prices of pizzas, burritos and hamburgers in the U.S., sales have held up so far even as consumers grapple with inflation
Read more »
New home and condo sales plummet despite rising prices: ReportReport raises alarm that development may start to slow because of waning demand, a big concern with Ontario’s undersupply of housing.
Read more »
Walmart tumbles after cutting full-year profit outlook - BNN BloombergWalmart cut its profit forecasts for the second quarter and full year, citing the need to lower prices to clear out bloated inventories.
Read more »
Sorry, But Even a Canadian House Price Crash Won't Make Housing AffordableEven a major correction might not return the market to historic affordability norms. danieltencer Rentalsdotca CMHC_ca realestate cdnpoli
Read more »
MMG suspends copper output guidance after Las Bambas protests in Peru
Read more »