Unilever share price drops on flat sales
Thursday 31st July 2008, 10:37AM BST.
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.
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