Unilever Q3 2022, 9-Month Results Show Growth

Oct 27th, 2022

Jacquelyn Mueller, associate editor, Global Cosmetic Industry

Deodorants continued to perform strongly, delivering double-digit pricing and positive volume growth.

Unilever announced its third quarter 2022 results, which showed underlying sales growth accelerated to 10.6%. Its nine-month underlying sales growth accelerated to 8.9%.

Turnover was €15.8 billion for the third quarter and €45.6 billion during the first nine months.

Beauty and Well-being

Underlying sales growth was up 6.7% for the beauty and well-being sector during Q3 and 7.8% during the first nine months.

Hair care grew in the high single-digits, driven by Latin America and South Asia, and partially offset by modest growth in developed markets and China.

Skin care grew in the low single-digits, as a strong growth in Southeast Asia was offset by declines in Europe and North Asia.

Personal Care

Underlying sales growth was up 8.9% for personal care during Q3 and 7.5% during the first nine months.

Deodorants continued to perform strongly, delivering double-digit pricing and positive volume growth.

Skin cleansing delivered strong double-digit price growth with high single-digit volume decline.

2022 Outlook

Underlying sales growth for the full year is now expected to be above 8%.

CEO Alan Jope said, "Unilever has delivered another quarter of growth in challenging macroeconomic conditions. Underlying sales growth improved to 10.6%, led by further increases in pricing with only a limited impact on volume, and we now expect underlying sales growth for the full year 2022 to be above 8%. We have delivered growth in each of our five business groups, led by a strong performance from our billion+ Euro brands, growing 14% in the quarter. Strong pricing allows us to continue to drive increased investment behind our brands. Our organization is now better structured to deliver consistent growth through a simpler, more category-focused operating model. The full benefits will be realized over time, and we are seeing encouraging early signs of improved accountability and faster decision-making. The global macroeconomic outlook remains mixed, and we expect the challenges of high inflation to persist in 2023. The delivery of consistent growth remains our first priority.”