Yesterday, Kenvue Inc. reported its financial performance for the fiscal third quarter ending September 29, 2024, with a slight decrease in net sales of 0.4%, totaling $3.9 billion, and organic growth of 0.9%. Despite the modest decline, Kenvue highlighted continued progress in productivity and efficiency through its “Vue Forward” initiative, which reinvests in its flagship brands to drive long-term shareholder value.
CEO Thibaut Mongon noted that these efforts are helping Kenvue achieve market share gains in Self Care, and foster widespread growth across Essential Health categories, while also establishing a solid foundation in the recovering Skin Health and Beauty segment.
In Q3, Skin Health and Beauty saw net sales of $1.072 billion, down 4.2% year-over-year, although year-to-date sales rose 3.4% to $3.606 billion. Kenvue attributed these shifts to its strategic investments, including partnerships with prominent dermatologists and the implementation of its operational playbook across the U.S. and Europe.
Kenvue expects net sales and organic growth to remain near the lower end of its 2024 projections, with net sales anticipated to grow between 1.0% to 3.0%, and organic growth between 2.0% to 4.0%, accounting for a 1% currency headwind.
