Unilever ( NYSE: UL ) said sales results were impacted adversely by continuing pressure on European and Chinese consumers in a Q3 trading update on Thursday.
While sales grew notably from the prior year, a 12.5% increase in prices in the quarter was credited for the jump. There was “some negative impact on volume” resulting from the price moves as well.
“Unilever has delivered another quarter of growth in challenging macroeconomic conditions,” CEO Alan Jope said. “Underlying sales growth improved to 10.6%, led by further increases in pricing with only a limited impact on volume, and we now expect underlying sales growth for the full year 2022 to be above 8%.”
China was noted as “more muted than in previous years” due to lockdown restrictions and European volume declined notably due to inflation impacts on consumers. That impact offset strong ice cream sales throughout the summer months.
"Consumer sentiment in Europe is at an all time low," CFO Graeme Pitkethly told Reuters following the update.
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Unilever sales lifted by pricing moves as consumers remain pressured