Unilever’s (LON: ULVR) shares jumped more than 3% in early Thursday trading after reporting stronger-than-expected sales growth in the third quarter of 2024.
Underlying sales growth (USG) reached 4.5% in the quarter, above the 4.2% analyst consensus estimate. It was driven by a 3.6% increase in volume sales. This marked the fourth consecutive quarter of positive volume growth for Unilever.
The company’s Power Brands, which account for over 75% of its turnover, led the way with 5.4% USG and 4.3% volume growth. Notable performers included Dove, Liquid I.V., Comfort, and Magnum.
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“We have delivered a fourth consecutive quarter of positive, improved volume growth, with each of our Business Groups driving higher volumes year-on-year,” said Hein Schumacher, Chief Executive Officer of Unilever. “We are starting to see the positive impact from scaling fewer, bigger innovations across our markets supported by increased brand investment.”
Unilever also announced that it is on track to deliver its full-year 2024 outlook of 3-5% USG and an underlying operating margin of at least 18%.
The company’s productivity program and separation of its Ice Cream business are progressing as planned.
Investors responded positively to Unilever’s results, sending the company’s shares up by over 3% to around 4,816p, making it one of the top FTSE 100 movers. The company’s shares have gained 27% so far in 2024.
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