September 26, 2019 / 10:27 AM / 2 months ago

Amazon accounts for tiny fraction of overall sales: Unilever CFO

FILE PHOTO: The logo of Unilever is seen at the headquarters in Rotterdam, Netherlands August 21, 2018. REUTERS/Piroschka van de Wouw

(Reuters) - Unilever (ULVR.L) gets a tiny fraction of its sale from Amazon.com (AMZN.O) as most of its products sold on the website are priced below $10, the company’s chief financial officer said at a conference.

“People are surprised that our Amazon business is only a couple of hundred million,” CFO Graeme Pitkethly said at the Bernstein conference in London, adding that the company generated less than 200 million pounds ($246.32 million) in sales from the online behemoth last year.

“No one makes money on Amazon if you sell below $10 ... and a lot of our business is in products below $10,” he said.

Unilever, the maker of Dove soap and Ben & Jerry’s ice-cream, reported annual sales of about 51 billion pounds in 2018.

E-commerce sales represented about 5% of the total, or about 2.55 billion pounds, and were growing at a pace of 30% year over year, Pitkethly said.

Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D'Silva

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