Unilever share price drops on flat sales

Thursday 31st July 2008

Unilever saw its share price fall over seven per cent this morning after results showed flat sales.

As a global slowdown increases, the Anglo-Dutch maker of household products such as Dove, Cif, Omo and Domestos saw sales growth of 6.8 per cent in the second quarter of 2008.

However, this growth was driven by a 7.4 per cent rise in prices.

All growth in Europe – at 2.3 per cent – came from price increases the firm admitted, as sales volumes fell 2.9 per cent.

Unilever particularly noted a fall in ice cream sales in Europe.

Pre-tax profits fell four per cent to €1,353 million (£1,066.7 million).

Patrick Cescau, Unilever group chief executive, said: "Our performance in the first half year has been good in what has been a challenging environment.

"Looking to the future, our strategy leverages our strong brands, broad geographic footprint and products that meet everyday needs across a wide range of price points."

In London the Unilever share price fell 7.15 per cent to 1,402p at 9:37 BST.

ADNFCR-1783-ID-18709652-ADNFCR

Related News

FTSE 100 holds gains - 31/07/08
The FTSE 100 held on to yesterday's gains this morning on a busy day for the markets with a raft of company announcements

Centrica profits fall 20% - 31/07/08
Centrica – the owner of British Gas – announced its profits dropped 20 per cent to £992 million for the first half of the year

Tips to be taken out of minimum wage - 31/07/08
Minimum wage payments will no longer include tips under new government plans

Consumer confidence lowest on record - 31/07/08
Consumer confidence fell to the lowest level on record, according to the GfK NOP Consumer Confidence Barometer

British Gas hikes gas prices 35% - 30/07/08
British Gas owner Centrica is hiking gas prices by 35 per cent and electricity prices by nine per cent

<< Back To News Listings

News Article Search

Quick Apply