© Reuters. FILE PHOTO: IDove, a brand of Unilever, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS/Andrew Kelly
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LONDON (Reuters) – Unilever (NYSE:) Plc on Thursday raised its full-year sales estimates and reported a better-than-expected increase in third-quarter sales as it continued to hike prices to counter soaring costs.
The maker of Dove soap and Knorr stock cubes reported underlying sales growth of 10.6%. Analysts had expected growth of 8%, a company-provided consensus showed.
Unilever said it now expects underlying sales growth for the full year 2022 to be above 8%. In July, the company said it now expected to beat its previous forecast for full-year underlying sales growth of 4.5% to 6.5%.
Like the rest of the consumer goods industry, Unilever’s margins have been squeezed since the start of the with war in Ukraine that has pushed up costs of energy and key ingredients. As a result, the company has raised prices sharply.
People paid 12.5% more for Unilever products in the quarter, with sales volumes declining 1.6%.
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