Kenvue: Q1 2024 Financials

Net sales for Kenvue Inc. increased 1.1% to $3.9 billion with organic growth of 1.9% in Q1 2024.

 

“We entered 2024 with clear strategic priorities to reach more consumers, reinvent our ways of working to invest more behind our brands, and to foster a culture that rewards performance and impact,” said CEO Thibaut Mongon. “We began executing against these priorities during the quarter, enabling a solid start to the year and advancing Kenvue forward in our ambition to become the undisputed leader in consumer health.”

 

Increases in net sales and organic growth were primarily driven by sustained momentum in self care on strong consumer demand and growth in essential health led by oral care, partially offset by underperformance in skin health and beauty.

 

The company’s 1.9% organic growth is on top of 11.2% organic growth the year prior, reflecting the power of its portfolio of brands including Listerine and Neutrogena.  

 

In its largest segment – self-care – the company delivered 4.2% growth on top of 15.3% growth last year. Officials say it owes this success, in part, to the launch of Listerine Clinical Solutions. In skin health and beauty, improved awareness and shopability of Neutrogena Hydro Boost water cream with new packaging, media investments up nearly 15%, and the implementation of in-store shelf signage also helped boost category improvement. 

 

Kenvue officials reaffirm its guidance ranges for organic growth (2-4%) and EPS ($1.10-$1.20) in 2024.

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