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
-
GPL 2025/26: Eleven Wonders begin second round with 2-0 win over Holy Stars
51 minutes -
Mahama orders review of NLA-KGL contract
54 minutes -
Tension as hunters are accused of burning farmlands at Kula in N/R
2 hours -
Emirates A380 diverts to Accra amid smoke alert in cargo hold
2 hours -
Support for Bawumia in the north is about competence, not ethnicity – Nitiwul
4 hours -
From BECE to WASSCE: Why are our children failing core mathematics
5 hours -
Newsfile to discuss Mahama’s first term and Ofori-Atta’s ICE detention
5 hours -
Iran protests: ‘People are more angry and determined now’
6 hours -
24-hour economy reforms boost revenue at Ghana Publishing Company – MD
6 hours -
Galamsey: Tano North assembly members blame river pollution on illegal mining, not Newmont
6 hours -
Police arrest 2 more suspects linked to Adabraka jewellery shop robbery
6 hours -
EPA warns businesses to comply with Environmental Protection Act or face sanctions
7 hours -
Ghana Publishing Company was in dire financial straits before new administration – MD
7 hours -
More protests erupt in Iran as supreme leader accuses crowds of ‘trying to please Trump’
7 hours -
US seizes another oil tanker linked to Venezuela, officials say
7 hours
