Unilever quarterly sales beat estimates as prices surge

Unilever (ULVR.L) on Thursday reported better than expected quarterly underlying sales, as the maker of Dove soap and Ben & Jerry’s ice cream raised prices yet again to compensate for higher commodity and supply chain costs.

The British company reported a 10.5% rise in underlying sales to 14.8 billion euros ($16.4 billion), beating analysts’ average forecast for a 7.2% increase, according to a company-provided consensus.

“Underlying sales growth accelerated to 10.5%, driven by price growth in response to continued high input cost inflation and an improved volume performance,” CEO Alan Jope said.

The consumer goods industry has suffered about two years of soaring costs, with everything from sunflower oil and shipping to packaging and grain becoming more expensive. The higher costs began in the pandemic and took a turn for the worse after Russia invaded Ukraine, sending energy costs to record highs last year.

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