Unilever experiences downturn in sales in third quarter

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Unilever Reports Downturn in Sales in Third Quarter

Unilever, a multinational consumer goods company, has reported a decline in sales in its third quarter, citing a challenging market environment and increased competition. The company's sales fell by 3.1% in the quarter, which ended on September 30, compared to the same period last year.

The decline in sales was driven by a 4.4% decrease in volume, which was partially offset by a 1.3% increase in pricing. The company's beauty and personal care segment was particularly affected, with sales falling by 5.1% due to a decline in demand for its skincare and haircare products.

Unilever's food segment also experienced a decline in sales, with a 2.5% decrease attributed to a decline in demand for its spreads and ice cream products. However, the company's home care segment saw a 1.1% increase in sales, driven by strong demand for its cleaning products.

The company's CEO, Alan Jope, attributed the decline in sales to a combination of factors, including a slowdown in consumer spending, increased competition, and a decline in demand for certain products. However, he expressed optimism about the company's ability to adapt to the changing market environment and to drive growth through innovation and cost savings initiatives.

Unilever's third-quarter results were also impacted by the company's decision to exit certain markets and to focus on its core brands. The company has been undergoing a major restructuring effort, which includes the sale of its tea business and the divestment of its spreads business in North America.

Despite the decline in sales, Unilever's profit margins remained stable, with the company reporting a 4.5% increase in operating profit. The company's net profit fell by 2.1% due to a decline in interest income and a rise in interest expenses.

Unilever's shares fell by 2.5% in early trading following the release of the company's third-quarter results. However, the company's CEO expressed confidence in the company's ability to deliver long-term growth and to create value for its shareholders.