Audio By Carbonatix
Consumer goods giant Unilever Plc on Thursday pulled its full-year forecast, saying it could not “reliably assess the impact” of the coronavirus pandemic on its business, but said it would pay its quarterly interim dividend as planned.
The company said underlying sales for the first three months of the year were flat, as a sharp decline in shopping and restaurant trips in China during much of the quarter offset gains from stay-at-home consumers stockpiling its soups and laundry detergent in Europe and North America.
First-quarter turnover rose 0.2% to 12.40 billion euros ($13.42 billion), slightly missing estimate of 12.77 billion euros, according to analysts polled by Factset.
“China suffered a significant decline as the lock-down measures restricted out of home eating and shopping trips across much of the quarter,” the company said, adding that a lockdown in India from mid-March severely limited the flow of goods and led to a decline in South Asia.
The Anglo-Dutch company’s report follows strong results from larger rival Procter & Gamble, which last week reported its biggest U.S. sales increase in decades, as Americans stockpiled cleaning essentials before hunkering down in their homes due to coronavirus-related lockdowns.
Unilever is reviewing all areas of cash generation and usage as well as re-evaluating all costs in light of the health crisis, Chief Executive Officer Alan Jope said.
Latest Stories
-
Mustapha Ussif denies responsibility for African Games audit irregularities
12 minutes -
Newly recruited teachers threaten renewed protest over unpaid salary arrears
15 minutes -
Police arrest 2 over Nsawam filling station robbery, hunt for accomplice
42 minutes -
YIN, GSE, CSD and strategic partners launch National Youth Investment & Financial Literacy Programme
44 minutes -
BoG appeals GN Savings and Loans judgement on license restoration
56 minutes -
OMJ SoccerFest ’26 press launch and official draw massively attended in Aburi
1 hour -
Temporary power interruptions expected in Tema over GRIDCo maintenance
1 hour -
Young persons with disabilities demand seat at the table
1 hour -
Police arrest alleged robbery syndicate linked to attacks across five cities
1 hour -
First batch of Ghanaian health workers set for Jamaica deployment in June
1 hour -
Ghana Muslim Mission holds summit to promote ethical, digital content creation
1 hour -
Technical universities call for dedicated funding to drive Ghana’s industrial transformation
2 hours -
2023 African Games expenditure issues enormous — Ernest Norgbey
2 hours -
South African president mounts legal challenge against report that could lead to impeachment
2 hours -
Ghana Muslim Mission holds summit to promote ethical, digital content creation
3 hours