While Dave Lewis is putting out one fire at his new employer Tesco, things back at Unilever are also looking less than rosy.
The consumer goods business, where Lewis had worked for 28 years before becoming Tesco chief executive, this morning reported its weakest rate of quarterly sales growth in five years.
Underlying sales grew just 2.1 per cent in the third quarter, compared with the 3.7 per cent growth experienced during the first half of the year – well below analyst expectations.
Unilever's share price dropped as much as 4.8 per cent this morning on the back of the news.
Paul Polman said market growth slowed in emerging countries “particularly in China”, while price deflation and a poor summer in Europe also hampered performance, despite an improvement in North America.
Read more: Unilever share price falls as it records lowest growth in five years | City A.M.
The consumer goods business, where Lewis had worked for 28 years before becoming Tesco chief executive, this morning reported its weakest rate of quarterly sales growth in five years.
Underlying sales grew just 2.1 per cent in the third quarter, compared with the 3.7 per cent growth experienced during the first half of the year – well below analyst expectations.
Unilever's share price dropped as much as 4.8 per cent this morning on the back of the news.
Paul Polman said market growth slowed in emerging countries “particularly in China”, while price deflation and a poor summer in Europe also hampered performance, despite an improvement in North America.
Read more: Unilever share price falls as it records lowest growth in five years | City A.M.
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