Unilever Q1 Turnover Down

Dutch food and cosmetics giant Unilever on Thursday posted a first-quarter drop in sales down 6.3 percent which it blamed on unfavourable currency exchange rates. Turnover totalled $15.7 billion, weighed down by a negative currency impact of 8.9 percent, the Rotterdam-based group said in a statement. Despite lower sales, Unilever said underlying growth was strong, even in emerging markets where the group has been focusing its business in recent years. "Emerging markets are currently passing through a period of slower demand and volatility, but our strategy remains unchanged," Unilever chief executive Paul Polman said in the statement, according to AFP.