Executive Summary

• Unilever reported 3Q16 revenues of €13.4 billion, down 0.1% year over year, and below the consensus estimate of €13.9 billion. The decline was primarily driven by a negative currency impact of 3.4%, which offset sales growth of 3.2% on an underlying basis.
• On an underlying basis, revenues in the Personal Care segment increased by 3.1% year over year, while sales in the Food segment increased by 1.7%, sales in the Home Care segment were up by 3.9% and sales in the Refreshment segment rose by 4.5%.
• By region and on an underlying basis, sales in Asia increased year over year by 3.9% in 3Q16, sales in the Americas increased by 5.8% and sales in Europe decreased by 1.1%.