Kenvue Inc., the world’s largest pure-play consumer health company, recently released its financial report for the fiscal third quarter, which ended on October 1, 2023 and nine months ended October 1, 2023. The company achieved net sales of $3.915 billion for the third quarter representing a 3.3% increase compared to the previous year. For the nine months ended October 1, 2023, net sales reached $11.778 billion.
Specifically, the Skin Health and Beauty division achieved net sales of $1.119 billion in the three months ended October 1, with a slight decline of 0.4% in organic growth comprised of 6.4% value realization offset by 6.8% volume declines. For the nine months ended October 1, net sales reached $3.377 billion, compared to $3.262 billion in the previous year, up 3.5% year on year.
For the decrease of the third quarter, Kenvue stated that its attributed approximately two-thirds of the volume decline to the impact of portfolio rationalization initiatives in 2022 and market softness in China. Excluding this impact, volume would have declined by a low-single-digit percentage. The division experienced a strong finish to the sun season in the United States, with Neutrogena® reclaiming its position as a leader in Sun Care. Pricing and premiumization efforts supported growth in LATAM and EMEA, while supply recovery continued in the United States.
In terms of regions, all regions except the Asia-Pacific region achieved growth in performance. Among them, the North American region stood out, achieving sales of $1.879 billion in the third quarter and sales of $5.848 billion in the first nine months of the year. The Asia-Pacific region declined from $838 million in the same period last year to $808 million this year. Europe, the Middle East, and Africa recorded a net sales of $864 million in the third quarter of this year. The Latin American region also saw an increase in net sales, reaching $364 million in the third quarter of this year.
Thibaut Mongon, the Chief Executive Officer and Director of Kenvue, expressed satisfaction with the company’s performance, highlighting its commitment to sustainable and profitable growth. He emphasized the company’s strong cash generation and operating results, underscoring its leadership position in consumer health and the foundation being built for long-term success.