Unilever Nigeria PLC - Hard work paying off?
​ UNILEVER reported Q1’16 results with sales up 13% y/y and 2% ahead of Vetiva estimate as capacity investments and new product introduction over the last two years continue to bear fruits. Sales was boosted by strong performance in the Food segment, up 23% y/y as well as Home Care, up 17% y/y. However, the Personal Care segment continued to struggle, posting a 6% sales decline y/y. We believe UNILEVER would have benefitted from intense promotional campaigns and investments in route to market in the past year. Furthermore, we think a mix of price increases and some volume growth would have contributed significantly to this performance, noting that consumer goods companies will seek to pass on increased costs.
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