Underlying sales growth of 8.1%, with 9.8% price and (1.6)% volume
Turnover increased 14.9%, including a currency impact of 5.6%
Underlying operating margin of 17.0%, a decrease of 180bps driven by input cost inflation
Underlying earnings per share up 1.0%, including a currency impact of 4.9%
The billion+ Euro brands, accounting for more than 50% of Group turnover, grew 9.4%
€750 million share buyback tranche completed on 22 July, intention to launch second tranche in third quarter
Alan Jope: Chief Executive Officer statement
"Unilever has delivered a first half performance which builds on our momentum of 2021, despite the challenges of high inflation and slower global growth. Underlying sales growth of 8.1% was driven by strong pricing to mitigate input cost inflation, which, as expected, had some impact on volume. We are now raising our sales guidance for the year. Underlying operating margin was on track at 17% for the first half.
We have made further progress against our strategic priorities. We are maintaining strong investment in our brands, supporting 9.4% underlying sales growth in our billion+ Euro brands. eCommerce sales now represent 14% of turnover, up from 6% in 2019. Of our three priority markets, the USA and India again grew strongly, while sales in China were affected by the lockdowns in the second quarter. We continue to reshape our portfolio, completing the sale of the global tea business ekaterra, and the acquisition of Nutrafol, a leading provider of hair wellness products. Prestige Beauty and Health & Wellbeing, now 4% of Group turnover, again grew double-digit.
Our simpler, more category-focused organisation came into effect as planned on 1 July. This major change to Unilever's operating model is an important further step that will underpin the delivery of consistent growth, which remains our first priority. The challenges of inflation persist and the global macroeconomic outlook is uncertain, but we remain intensely focused on operational excellence and delivery in 2022 and beyond."
26 July 2022
Underlying sales growth (USG), underlying volume growth (UVG), underlying price growth (UPG), underlying operating profit (UOP), underlying operating margin (UOM), underlying earnings per share (underlying EPS), constant underlying EPS, underlying effective tax rate, free cash flow (FCF) and net debt are non-GAAP measures (see pages 6 to 9)
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Unilever plc published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 06:48:02 UTC.
Unilever PLC (Unilever) is one of the world's leading suppliers of Beauty & Personal Care, Home Care, and Foods & Refreshment products with sales in over 190 countries and reaching 3.4 billion consumers a day. Over half of the company's footprint is in developing and emerging markets. Unilever has over 400 brands found in homes all over the world, including Dove, Knorr, Dirt Is Good, Rexona, Hellmann's, Lipton, Wall's, Lux, Magnum, Axe, Sunsilk and Surf. Unilever's Sustainable Living Plan (USLP) underpins the company's strategy. The USLP creates value by driving growth and trust, eliminating costs and reducing risks. Since 2010 the company has been taking action through the Unilever Sustainable Living Plan to help more than a billion people improve their health and well-being, halve its environmental footprint and enhance the livelihoods of millions of people as it grows its business. Unilever has already made significant progress and continues to expand its ambition - most recently committing to ensure 100% of its plastic packaging is fully reusable, recyclable or compostable by 2025.
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