Unilever withdraws guidance as virus knocks China, ice cream sales slide [Reuters]
Unilever PLC (UL)
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unilever.com/investor-relations
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Source: Reuters
Unilever withdraws guidance as virus knocks China, ice cream sales slide (Reuters) - Consumer goods giant Unilever Plc withdrew its full-year forecast on Thursday, saying the hit from lockdowns in China and India, as well as lower ice cream sales, offset strong U.S. and European sales of cleaning items, sending its shares down 5%. Underlying sales across Asia, the Middle East and Russia, fell 3.7%, as lockdowns in the quarter restricted restaurant visits and shopping in China and led to factory shutdowns that halted production in India. In Europe, Turkey and Latin America, Unilever’s 3 billion euro ($3.2 billion) ice cream business was hit by national efforts to prevent the spread of the coronavirus, deterring distributors in holiday destinations from buying stock. “Many of our classic out-of-home retailers like leisure sites, travel hubs, beaches and tourist destinations were closed,” Chief Financial Officer Graeme Pitkethly said on a call. These factors countered increased sales in
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