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Unilever reported higher-than-expected underlying sales growth in the first half of the year driven by continued price increases, but sales volumes were flat as the cost-of-living crisis put pressure on consumers.
Manufacturer Marmite and Magnum reported a 9.1 percent increase in core sales in the first six months of the year, beating analyst expectations, while volumes fell 0.2 percent.
“We are past the peak of inflation,” the company said, adding that it had moderated price increases. Prices increased by 9.4 percent in the first half, compared to 13.3 percent in the fourth quarter of 2022.
CEO Hein Schumacher, who took over this month, said his next task is to use Unilever’s “strong fundamentals” to improve performance and competitiveness.
“This opportunity to raise our performance level and unleash our full potential makes it an exciting time to lead Unilever,” he said.
