Today, Unilever released its Q2 and H1 2024 financial results. The financial report shows that Unilever’s H1 turnover was €31.1 billion, a 2.3% increase year-on-year and 4.1% increase in underlying sales growth; and turnover in Q2 was €16.1 billion, a 2.2% increase year-on-year and 3.9% increase in underlying sales growth.
Hein Schumacher, Unilever’s CEO, stated, ““We are focused on driving high-quality sales growth and gross margin expansion, led by our Power Brands. Over the first half, we made progress on those ambitions.”
By business segment, the Beauty & Well-being business reported Q2 turnover of €3.4 billion, a 6.3% increase year-on-year, with underlying sales growth of 6.8%; H1 turnover were €6.5 billion, a 5.1% increase year-on-year, with underlying sales growth of 7.1%. Unilever noted that strong growth in the Beauty & Well-being business was driven by volume, price increases, and powerful brands.
Hair care products achieved mid-single-digit growth, with both volume and price increases. Unilever said that Sunsilk, the group’s largest hair care brand, achieved double-digit growth in Latin America, supported by the success of its leave-in conditioner innovation and its 2023 relaunch.
Dove achieved high single-digit growth, driven by volume growth following the launch of scalp and hair care products (Scalp + Hair Therapy), improving scalp health and hair density. Clear and TRESemmé performed well, with patented anti-dandruff shampoos and the new Lamellar Shine series expanding.
Core skin care products achieved mid-single-digit growth, driven by strong sales of top brands. Vaseline achieved double-digit growth, supported by premium lines such as Radiant X and Gluta Hya. Pond’s continued to maintain high single-digit growth in sales following its 2023 relaunch.
Health & Well-being and premium beauty brands achieved double-digit growth for the 14th consecutive quarter. However, growth in premium beauty brands slowed due to the weak U.S. beauty market. Tatcha and Hourglass achieved double-digit growth, while Paula’s Choice was affected by market slowdown.
The Personal Care business reported Q2 turnover of €3.5 billion, a 0.3% increase year-on-year, with underlying sales growth of 6.4%; H1 turnover was €7.0 billion, a 0.6% increase year-on-year, with underlying sales growth of 5.6%.
Led by the Power Brands, underlying sales growth was 7.0%. Deodorants continued to achieve double-digit growth, with high single-digit volume growth driven by Europe and Latin America. Dove achieved double-digit growth with strong volume and expanded its body deodorant market.
Rexona and Axe achieved strong volume growth, with our multi-year innovation platform and premium fragrance series continuing to perform well. Cleansing products achieved low single-digit growth, with positive growth in both volume and price. Inflation in India and market challenges in Indonesia restrained growth.
Dove achieved high single-digit growth, with good growth in Dove Men+Care. Europe achieved double-digit growth, supported by the relaunch of Dove shower gel, with mid-single-digit volume growth.
Oral Care continued to grow mid-single digit with positive volume and price. Close Up grew high-single digit with positive volume.
By region, H1 turnover in Asia Pacific Africa was €13.4 billion, down 0.4% year-on-year, with underlying sales growth of 3.5%. India grew 1.2% to 3.8% due to consecutive quarterly volume growth.
Unilever particularly noted that some categories saw negative price growth, offsetting volume growth due to falling commodity costs. The decline in the Chinese market reflected weak market growth in most categories and low consumer confidence.
The Americas turnover was €11.4 billion, a 4.6% increase year-on-year, with underlying sales growth of 5.4%; European turnover was €6.3 billion, a 3.8% increase year-on-year, with underlying sales growth of 3.5%.
Unilever stated that it expects full-year 2024 underlying sales growth (USG) to be within its multi-year range of 3% to 5%, with most of the growth driven by volume.
