Unilever announces 3rd Quarter Results
04 November 2010 - 8:06AM
Marketwired
2010 THIRD QUARTER AND NINE MONTHS RESULTS
ANOTHER QUARTER OF SOLID PROGRESSThird Quarter highlights
. Underlying volume growth 4.8%. Underlying sales growth 3.6% with
underlying price growth improving to (1.2)%; in-quarter pricing was
flat for the third successive quarter.
. Advertising and promotions spend flat at constant exchange
rates.
. Underlying operating margin up 20bps. Lower gross margin,
primarily due to increased commodity costs. Indirects significantly
down, partly due to phasing which will reverse in the fourth quarter.
Nine Months highlights
. Turnover up 10.9% at EUR33.4 billion.
. Underlying volume growth 6.0%. Underlying sales growth 3.8% and
underlying price growth (2.1)%.
. Underlying operating margin up 30bps with higher gross margins
offset by significant investment in advertising and promotions, up
100bps.
. Operating Profit up 21% reflecting improved underlying operating
profit, lower restructuring and the favourable impact of foreign
exchange.
. Fully diluted earnings per share EUR1.13 up 29%.
Chief Executive Officer"We have delivered another quarter of solid progress
driven by our
emerging markets business which again reported high levels of volume
growth. This reflects the strength of our position in these markets
where competitive activity is intense. Overall volume growth remained
strong on the back of stronger innovations and the extension of our
brands into new markets. In-quarter pricing was flat with increased
prices in some categories offset by others where downward adjustments
were needed to stay competitive. Over the course of the first nine
months we have significantly increased the investment in our brands and
are spending in line with the timing of our in-market activities.
These results confirm again that our strategy to focus on the consumer
and to accelerate growth is working. Our priorities remain to drive
profitable volume growth and strong cash flow along with steady and
sustainable improvement in underlying operating margin for the year as
a whole. We continue to expect underlying price growth to turn positive
towards the end of the year."
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