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        <title><![CDATA[Unilever’s business dips only slightly despite coronavirus crisis]]></title>
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        <link>https://usagag.com/2020/07/23/unilevers-business-dips-only-slightly-despite-coronavirus-crisis/</link>
        <lastBuildDate>Thu, 23 Jul 2020 15:32:33 +0000</lastBuildDate>
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            <media:title type="html">Unilever’s business dips only slightly despite coronavirus crisis</media:title>
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        <content:encoded><![CDATA[<p>Unilever&#8217;s overall business dipped only slightly in the most recent quarter despite the coronavirus crisis, propped up by surging demand from hunkered-down consumers for ice cream, soup and hand sanitizers.</p><p>The Anglo-Dutch consumer-products giant said its underlying sales in the second quarter fell just 0.3 percent overall despite a massive plunge in the company&#8217;s wholesale food-service business, which tanked 40 percent in the first half of the year as hotels, restaurants, cafes and bars shut down.</p><p>On the positive side, demand from locked-down customers fueled double-digit sales growth in Unilever&#8217;s retail food business. Its Knorr soup brand and Hellmann&#8217;s mayonnaise were strong performers, along with ice cream lines Magnun and Ben &amp; Jerry&#8217;s, which helped drive a 26-percent surge in at-home ice cream sales.</p><p>Unilever shares surged as much as 9.1 percent to $60.96 in early trading as its performance beat analysts&#8217; expectations for a 4.3 percent drop in underlying sales last quarter.</p><p>&#8220;We have demonstrated the resilience of the business — in our portfolio, in a continued step-up in operational excellence, and in our financial position — and we have unlocked new levels of agility in responding to unprecedented fluctuations in demand,&#8221; Unilever CEO Alan Jope said in a statement.</p><p>Sales of skin cleansing products spiked 27 percent as consumers focused on hand-washing to prevent the coronavirus, according to Unilever. But demand for skin care, deodorants and hair care products suffered as consumers &#8220;had fewer personal care occasions from going to work or socializing,&#8221; the company said.</p><p><span >Unilever also announced plans to spin off the bulk of its tea business — which includes major brands such as Lipton and PG Tips — into a separate entity by the end of next year. The company said it will hold onto its tea business in India and Indonesia following a <strong>strategic review of the segment</strong> that it announced in January.</span></p><p><em>With Post wires</em></p>]]></content:encoded>
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