UNA Unilever PLC

By Adam Clark

Unilever PLC (ULVR.LN) said Thursday in its first business update since abandoning a plan to consolidate its British and Dutch operating companies that its sales accelerated in the third quarter.

The consumer-goods company said its underlying sales growth was 3.8% in the quarter, bringing its rate for the year to date to 2.9%.

Revenue totaled 12.5 billion euros ($14.4 billion), down 4.8% on year following the sale of Unilever's spreads business. Revenue was also hit by a negative foreign-exchange effect of 5.2%.

Unilever's underlying price growth for the period was 1.4%, while underlying volumes increased 2.4%. The company said volumes and prices increased in all three of its beauty-and-personal-care, home-care and food-and-refreshment divisions. Price growth in Argentina was excluded from the sales figures due to high inflation in the country.

"We continue to expect underlying sales growth in the 3%-5% range, an improvement in underlying operating margin and strong cash flow," Chief Executive Paul Polman said. "We remain on track for our 2020 goals."

The company made no further comment on its consolidation plan, withdrawn in early October after mounting opposition from British shareholders. Unilever said at the time it still thought simplifying its structure was in its best long-term interests.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

October 18, 2018 02:37 ET (06:37 GMT)

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