Unilever Net Profit Fell as Sales Missed Expectations, Launches Share Buyback
By Michael Susin
Unilever reported a better-than-feared net profit drop for 2023, following a turnover drop in the fourth quarter, and launched a share buyback.
The Anglo-Dutch retailer--which owns consumer brands such as Ben & Jerry's ice cream and Dove soap--on Thursday posted a net profit of 6.49 billion euros ($6.99 billion) for the year compared with EUR7.64 billion for 2022 and a consensus of EUR6.23 billion, taken from FactSet and based on 11 analysts' estimates.
Turnover fell to EUR59.6 billion from EUR60.07 billion for the prior year, mainly driven by currency headwinds and net disposals. It was expected to fall to EUR60.04 billion, according to the company-compiled consensus. For the fourth quarter, turnover fell 3% to EUR14.2 billion compared to a consensus of EUR14.28 billion.
The group launched a EUR1.5 billion share buyback program for 2024, set to start in the second quarter.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
February 08, 2024 02:33 ET (07:33 GMT)
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