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
-
TVET Service, Bank of Ghana explore partnership to boost skills development
39 minutes -
Ghana TVET Service, OR Foundation partner to promote sustainable fashion
52 minutes -
Achimota, Accra Academy, PRESEC Osu qualify for next stage of National Public Speaking Event
55 minutes -
NCPTA challenges GES directive on PTA dues, cites High Court injunction
58 minutes -
Majority opposes parliamentary probe into cocaine busts while investigations continue
1 hour -
Salomey Baffoe detention is a facade to divert attention from cocaine scandal – Weija-Gbawe MP
1 hour -
Francis-Xavier Sosu is doing well after GIMPA incident – Office
1 hour -
Deputy Minority Leader appeals to First Lady, Vice President over Salomey Baffoe’s detention
1 hour -
Ecobank Group commits US$2.6bn to women-led businesses and agribusinesses across Africa
2 hours -
Ghana to host high-level conference on scaling education initiatives in emergencies
2 hours -
Democracy must not be for sale: Who pays for Ghana’s politics, and how do we confront money, influence and accountability?
2 hours -
Aburi Amanfrom landowners appeal for government support for Atwapim development project
2 hours -
Cargill Ghana and International Cocoa Initiative celebrate 111 young graduates building skills for the future
3 hours -
Video: Madina MP Francis-Xavier Sosu collapses while addressing students at GIMPA
3 hours -
Hunnyboy reveals how social media landed him Shatta Wale feature
3 hours