Unilever earnings and sales fall in Q1

Thursday 07 May 2009

Food and detergents group Unilever booked sales down 1% at just over €9.5bn in the first three months of this year.

But the underlying growth in turnover, taking currency effects, acquisitions and divestments into account, was 4.8%, the company said in a statement.

Net profit plunged 43% to €803m.

The company has been particularly hard hit in western Europe as consumers switch from Unilever-branded goods to cheaper products.

'The first quarter results were solid given today’s trading environment, ' said CEO Paul Polmans. 'We have made good progress implementing plans to reignite volume growth, building on existing strengths and correcting competitive gaps.'

Polman, who took over in January, said the focus in the second quarter would be on increasing volumes. Price rises accounted for all of Unilever's sales rise in the first three months of 2009.

© DutchNews.nl

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