Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Stock

Kenvue misses quarterly sales estimates on sluggish skincare sales

(Reuters) – Kenvue (NYSE:KVUE) reported third-quarter sales marginally below Wall Street estimates on Thursday, hurt by weakness in its skin health and beauty unit housing the Neutrogena and Aveeno brands, amid pressure from activist hedge fund Starboard Value.

The consumer products company has faced criticism from investors for lackluster growth in its skincare and beauty brands.

After Starboard built a sizable stake in the consumer products company, the activist hedge fund said there was an opportunity to improve revenue growth and margins for Kenvue’s beauty brands.

Kenvue is focusing on improving sales through increased marketing spend and in-store presence of its skincare products including brands such as Clean & Clear. Yet, sales in the segment fell 4.2% to $1.07 billion in the third quarter ended Sept. 29.

Analysts were expecting segment sales of $1.10 billion for the reported quarter, according to data compiled by LSEG.

Total (EPA:TTEF) revenue fell slightly, to $3.90 billion, below analysts’ estimate of $3.93 billion.

Growth in its self-care and essential health units, through which it sells over-the-counter products including Benadryl, Band-Aid and Listerine, helped offset some weakness in skincare products.

On adjusted basis, the company reported a profit of 28 cents per share, compared with analysts’ estimate of 27 cents per share.

Kenvue said it expects annual net sales to grow closer to the lower end of its forecast of 1% to 3% growth.

The company reaffirmed its annual per share profit forecast of between $1.10 and $1.20. Analysts were expecting a profit of $1.14 per share.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com