Unilever first quarter sales drop

The Hague: Anglo-Dutch consumer giant Unilever on Thursday revealed first quarter sales fell compared to last year, announcing a six billion euros ($7.4 billion) buy-back scheme ahead of the spin-off of its spreads division. Turnover in the first three months was down 5.2 per cent to 12.6 billion euros, falling from 13.3 billion euros reported in the same period in 2017. But chief executive Pol Polman voiced confidence as the company prepares for some major shake-ups in its 88-year history. “The first quarter demonstrates another good volume-driven performance across all three divisions,” Polman said in a statement. — AFP