November 4, 2024

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Third-quarter Growth at Unilever Fueled By Hourglass Cosmetics, Health Supplements

Third-quarter Growth at Unilever Fueled By Hourglass Cosmetics, Health Supplements

LONDON — Sales at Unilever’s beauty and well-being brands outpaced the consumer giant’s overall growth in the fiscal third quarter, climbing 6.7 percent to 3.2 billion euros.

Overall, Unilever’s underlying sales rose 4.5 percent to 15.2 billion euros, bolstered mainly by volume growth and the continued strong performance of “power brands” such as Dove, Liquid I.V. and Magnum, which generate more than 75 percent of overall turnover.

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Hein Schumacher, who joined Unilever last year as chief executive officer, said the company is still in the early stages of improving its performance as it focuses on “doing fewer things, better and with greater impact.”

He said the company, which owns brands such as Vaseline, Hellmann’s and Ben & Jerry’s, is starting to see the positive impact of scaling fewer, bigger innovations across its markets, adding that the planned separation of the ice-cream business should be completed by the end of 2025.

Schumacher added the company is on track to deliver its 2024 outlook, and is confident “the steps we are taking will help to transform Unilever over time into a consistently higher-performing business.”

During a call with analysts, Schumacher was upbeat, saying there was “good, strong” overall momentum in the U.S., while the relaunched Dove range in the region had been a success.

“I feel more confident now, compared with a year ago. There is momentum in the business, and we are making progress in our multiyear journey,” he said.

Unilever’s shares closed up 2.9 percent to 47.90 pounds on the London Stock Exchange.

Unilever said its Beauty & Wellbeing division delivered double-digit growth for the 15th consecutive quarter despite the slower growth in Prestige beauty.

Prestige brands, including Paula’s Choice, have been impacted by the “continued slowdown” in the U.S. and China beauty markets. Unilever said there was “lower demand” for prestige products in the U.S., although mass brands such as Dove continue to hold up well.

By contrast, Hourglass Cosmetics posted “strong double-digit growth” in the period, driven by hero products such as Vanish Airbrush Concealer and Veil Hydrating Skin Tint.

Other double-digit performers in Beauty & Wellbeing included health supplements brands Liquid I.V., Nutrafol and Olly, with the latter’s female-focused products performing well in China.

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