LONDON (Reuters) - Unilever (ULVR.L) Chief Financial Officer Graeme Pitkethly said price increases taken to offset rising costs are a normal part of doing business, but he declined to comment specifically on a row with Tesco (TSCO.L)
“This is just devaluation-led cost increase, this is just quite normal,” Pitkethly told Reuters, a day after news emerged that Tesco, the country’s largest grocer, had removed some of its products, including Marmite spread, Ben & Jerry’s ice cream and Lynx body spray, from its website.
Britain’s vote in June to leave the European Union has led to a sharp fall in the value of its currency.
Pitkethly said Britain accounts for less than 5 percent of Unilever’s business.
Pitkethly also said the company was on track to reach its full-year performance targets, which call for full-year sales to grow 3-5 percent and for margins to improve in a historical range of 0.3-0.4 percentage points.
Reporting by Martinne Geller in London. Editing by Jane Merriman