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Unilever (LSE: ULVR) FY16 Results: Top and Bottom Line Beat Estimates, But Tough Start to FY17

Executive Summary

  • Unilever reported FY16 sales of €52,713 million, ahead of consensus of €52,373 million, but down 1.0% from FY15. At constant exchange rates, sales increased by 4.3%.
  • Gross margin increased by 50 basis points and the operating profit grew by 3.8% (up 5.8% at constant rates) to €7,801 million.
  • Underlying sales growth was 3.7%, but volume growth was mostly flat in aggregate, the company noted, impacted by devaluation-led cost increases in several regions.

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