Unicharm (TYO: 8113) 1Q19 Results: Net Sales Ahead of Consensus, Asia Remains a Growth Engine

Executive Summary

• Unicharm reported 1Q19 net sales of ¥168.6 billion, broadly in line with the consensus estimate and up 4.8% from 1Q18.
• Net sales increased for both the personal care and pet care segments, with personal care up 5.1% year over year.
• Asia (ex Japan) was a key driver of top-line growth, with 14.7% net sales growth in 1Q19.