ULVR Unilever Plc

By Michael Susin

Unilever PLC said Thursday that first-quarter turnover rose ahead of market expectations, boosted by higher prices and improving volume trends, and upgraded its sales-growth target for the year.

The Anglo-Dutch multisector retailer--which owns consumer brands such as Ben & Jerry's ice cream, Dove soap and Cif and Domestos cleaning products--said turnover in the period rose to 14.8 billion euros ($16.34 billion) from the EUR13.8 billion reported for the same period a year ago. This compares with a consensus forecast of EUR14.16 billion, taken from the company's website.

Underlying sales growth was 10.5% on year compared with a company-provided consensus forecast of 7.2%. Growth was driven by prices increasing 10.7%, while volumes performance fell 0.2%. Market consensus expected a price increase of 10.7% and volume drop of 3.2%.

The board declared a quarterly dividend of EUR0.43 a share, flat on year.

The company raised its 2023 guidance and currently sees full-year underlying sales growth at the upper end of its multiyear range of 3%-5% compared with previous target at the upper half of the same range.

Underlying price growth is anticipated to remain high in the first half and soften through the year, while underlying operating margin in the first half will be at least 16%, the company said.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

April 27, 2023 02:42 ET (06:42 GMT)

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