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
-
Black Starlets must ‘qualify for 2026 World Cup’ – Kurt Okraku
3 minutes -
NACOC nabs 60-year-old arms and drug dealer at Kundungu
7 minutes -
Over 2,000 churches in Greater Accra operating without registration – Ahmed Ibrahim
17 minutes -
Bagbin calls for credible third political force to strengthen Ghana’s democracy
40 minutes -
Trade Ministry condemns terrorist attack on Ghanaian tomato traders in Burkina Faso
49 minutes -
Businesses can recover input tax under new VAT system — GRA
50 minutes -
Funeral of Togbega Kwaku Ayim IV enters second week
54 minutes -
White House says Iran would be ‘wise’ to make deal, as US ramps up military presence
1 hour -
New VAT regime aimed at simplifying tax system, not raising costs— GRA official
1 hour -
Gas explosion kills 13 in Pakistan’s Karachi, collapsing building
1 hour -
Ghanaian optometrist, Randolph Kwaw, wins Sigma Xi Grants-in-Aid of Research award
1 hour -
FDA shuts down 16 Accra eateries including The Cheesecake House and Alora Beach Resort
2 hours -
An Open letter to the Vice president of the republic of Ghana
2 hours -
South Korea’s ex-President Yoon given life in prison for insurrection
2 hours -
Take advantage of growing opportunities in agriculture – Deputy Agric Minister tells youth
2 hours
