UK/NETHERLANDS: Unilever’s revenue growth beats estimates | Progresiv

Unilever, the maker of Magnum ice cream, reported estimate-beating first-quarter sales growth, sending the shares soaring to a record as an earlier Easter holiday boosted sales at its struggling food division.

Underlying revenue increased 2.8 percent, Unilever said. Growth accelerated from the fourth quarter’s 2.1 percent, despite the company having flagged a falloff in January.

The Easter shift boosted Unilever’s sales growth in the period by as much as 0.4 percentage point. Food sales rose 2.9 percent, fueled by Knorr cooking ingredients and Hellmann’s mayonnaise. The developed-market spreads business, which is being separated into a standalone unit this year, continued to suffer from declining demand. (www.bloomberg.com)