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News > International
Unilever 1Q profit flat
May 10, 2000: 3:11 a.m. ET

Europe's largest consumer-goods firm sees sales stall; Bestfoods talks continue
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LONDON (CNNfn) - Unilever, Europe's largest consumer-goods maker, posted a 4 percent rise in first-quarter earnings Wednesday, amid signs that it is edging towards an agreement with U.S. takeover target Best Foods.

The Anglo-Dutch company, which makes household goods from Dove soap to Liptons tea, reported net earnings of 643 million ($579 million) in the three months to Mar. 31. Adjusting to exclude the effect of exchange rate changes, profit fell 3 percent to 611 million.

Shares of Unilever Plc (ULVR), the company's London-listed joint owner, rose 4.3 percent to 407 pence at the start of trading. The other owner is Amsterdam-listed Unilever NV.

graphicFirst-quarter revenue grew just 1 percent to 9.69 billion at constant exchange rates, though Unilever said sales of its 400 leading brands rose 3 percent.

Unilever announced plans earlier this year to slim down its portfolio of products to 400 from 1,600 as part of a restructuring that will cost 25,000 jobs.

The restructuring has been accompanied by an U.S. acquisition drive, including the purchase of health foods firm Slim-Fast and ice cream maker Ben & Jerry's. Media reports Tuesday suggested that Unilever was edging towards agreement with Bestfoods (BFO: Research, Estimates), the U.S. food maker that rejected Unilever's $18 billion bid last week. Back to top

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