Consumer goods giant Unilever has warned that growth in emerging markets was slowing, while there was "little sign" of recovery in North America or Europe.
The Anglo-Dutch firm reported underlying sales growth of 5% in the second quarter on Thursday, just below market expectations.
The maker of Marmite and Persil said growth in emerging markets in the quarter was 10.3%, compared with 10.4% in the previous quarter, while developed markets fell by 1.3%.
"Growth is slowing in emerging markets, as macro-economic headwinds influence consumer behaviour," the company said.
"Within this overall trend we see a mixed picture across the major countries reflecting different local circumstances. Developed markets remain sluggish with little sign of any recovery in North America or Europe."
Shares in Unilever fell 1.5% in early trading, losing 41p to £26.74.
The FTSE 100 company's strongest growth came from its home care and personal care divisions, while refreshment was held back by "adverse weather" which hit ice cream sales. Its ice cream brands include Ben & Jerry's, Magnum, Wall's and Carte D'Or.
In its foods division, the good growth of Knorr and Hellmann's was offset by a decline in spreads.
Group turnover in the first half overall rose 0.4% to €25.5bn (£21.9bn), while pre-tax profit rose 14% to €3.6bn.
The chief executive, Paul Polman, said: "Our innovation pipeline is robust which will be vital as we navigate the slowdown in many parts of the world.
"The tougher economic environment and reinvigorated competition require us to set the bar higher on innovation and to increase investment behind our brands. At the same time we need to continue to take costs out of the system to help finance this investment."
The International Monetary Fund warned earlier this month that emerging markets are slowing down, as it cut its forecasts for global growth this year.
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