Executive Summary

• Unilever reported 1Q16 revenues of €12.5 billion, down 2.0% year over year and below the consensus estimate of €12.8 billion. The decline was primarily driven by a negative currency impact of 7.1% that more than offset sales growth of 4.7%.
• Sales in the Personal Care segment increased by 5.8% year over year, while revenues in the Food segment increased by 1.9%, revenues in the Home Care segment increased by 7.0% and revenues in the Refreshment segment increased by 3.8%.
• By region, sales in Asia increased by 5.0%, sales in the Americas increased by 8.5% and sales in Europe declined by 0.6%. Sales in emerging markets grew by 8.3%.