Unilever has announced its Q3 2024 results, reporting underlying sales growth (USG) of 4.5 per cent and volume growth of 3.6 per cent with the company's "power brands", which generate over 75 per cent of turnover, led the march with a 5.4 per cent USG and volumes up by 4.3 per cent.

The company reported a turnover of €15.2 billion and in the latest results, icecream beats nutrition hands down in growth terms.

Unilever's Beauty & Wellbeing segment saw underlying sales growth of 6.7%, with volume growth of 5.7 per cent. Home Care experienced an underlying sales increase of 1.9 per cent, with 3.3 per cent volume growth. Nutrition grew underlying sales by 1.5 per cent, with muted volume growth of 0.4 per cent. Ice Cream, on the other hand, grew by 9.8 per cent, with 6.7 per cent from volume and 2.9 per cent from price.

"We have delivered a fourth consecutive quarter of positive, improved volume growth, with each of our Business Groups driving higher volumes year-on-year," said Hein Schumacher, CEO of Unilever. The company's 2024 full-year outlook remains unchanged, with a projected 3-5 per cent USG and an underlying operating margin of at least 18 per cent.

"We are still in the early stages of transforming our performance as we execute the Growth Action Plan at pace – focused on doing fewer things, better and with greater impact. We are starting to see the positive impact from scaling fewer, bigger innovations across our markets supported by increased brand investment. We are taking decisive actions, where we see operational or market challenges to ensure we are well positioned for consistent and improved performance," Schumacher added.

The company also announced the final tranche of its 2024 share buyback programme of up to €1.5 billion. A major productivity programme and the separation of Ice Cream are underway. "As part of the Group’s overall transformation, we are implementing a comprehensive productivity programme and the separation of Ice Cream, both of which are progressing as planned," Schumacher said.

Developed markets grew underlying sales by 6.9% with 6.8% from volume and 0.1% from price. Emerging markets, on the other hand, grew underlying sales by 2.9%, with 1.4% from volume and 1.5% from price. The sale of stake in Qinyuan Group was completed on 2 August 2024, and the sale of the Russian subsidiary to Arnest Group was completed on 10 October 2024.

"We are on track to deliver our 2024 outlook and are confident that the steps we are taking will help to transform Unilever over time into a consistently higher performing business," concluded Schumacher.