Unilever beats sales expectations and announces €3bn share buyback
Unilever beat sales expectations in the first quarter and announced it will launch a share buyback of €3bn (£2.61bn) later this year.
The consumer goods giant said this morning that it secured underlying sales growth of 5.7 per cent in the first three months of the year, beating analysts’ average forecast of 3.9 per cent.
Unilever’s sales were buoyed by consumer demand for home cooking products during coronavirus lockdowns and a strong economic recovery in China.
It said it is confident that it will deliver sales growth for the year of between three per cent and five per cent.
The conglomerate, which owns household brands including Dove, Domestos and Hellman’s, also unveiled plans to launch a €3bn share buyback in May.
“This reflects our strong cash flow delivery and balance sheet position, and is in line with our capital allocation framework,” Unilever said.