Unilever slides on emerging market slowdown
LONDON (Reuters) - Shares in consumer goods company Unilever (ULVR.L) (UNc.AS) opened down 4 percent on Tuesday after the group warned that a slowdown in its emerging markets had accelerated in the third quarter.
The group said in a statement after the market close on Monday that it now expected underlying sales growth of just 3 to 3.5 percent in the period.
"In the light of the sharp slowdown in top line, we expect consensus to be cautious on margin expansion," analysts at JP Morgan said in a note to clients. "We continue to believe that Unilever's premium rating is unjustifiable in the wake of subpar top-line growth and lower visibility."
Shares in Unilever were down 4 percent in early trading at 2340 pence.
(Reporting by Kate Holton; editing by Sarah Young)
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