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In skin health & beauty, organic sales declined 2.7% year-over-year as the pace of recovery was slowed by a muted sun season and decelerating skincare category dynamics.
November 7, 2024
By: Lianna Albrizio
Associate Editor
Net sales dipped 0.4% to $3.9 billion for Kenvue in Q3 2024.
“During the third quarter, we continued to drive strong productivity and realize efficiency benefits from Our Vue Forward, which we are reinvesting behind our iconic brands to unleash the full potential of our business and fulfill our commitment to create long-term shareholder value,” said CEO Thibaut Mongon. “This reinvestment is enabling us to continue to drive share gains in self-care, deliver broad-based growth across the essential health categories and build the right foundation in skin health and beauty, where we are seeing early signs of recovery. As we continue to advance our new Kenvue playbook, our team is making strong progress toward transforming into a leaner, more efficient and agile consumer health organization driving sustainable and profitable growth.”
Kenvue delivered year-over-year organic growth of 0.9% on top of 3.6% in Q3 last year, strong gross margin of 130 basis points versus Q3 last year, and adjusted diluted earnings per share of $0.28.
The company says its on track to invest roughly 20% more in marketing in 2024 versus 2023 through advertising, healthcare professional engagement, in-store prominence and direct consumer engagement – with an increasing focus on social media marketing powered by analytics and AI.
Neutrogena benefited from broad distribution of latest innovations Collagen Bank, Acne Patch from Sensitive Skin, and new Ultra Gentle Cleansers.
Listerine grew in the high-single digits globally driven by expanded distribution and enhancing our in-store prominence with impactful displays for new innovations like Listerine Clinical.
For 2024, assuming an approximately 1% currency headwind, the company expects net sales growth and organic growth toward the low end of its outlook of 1.0%-3.0% and 2.0%-4.0%, respectively.
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