Net Sales Increase 3.3% for Kenvue in Q3 2023

Net sales for consumer health company Kenvue Inc. rose 3.3% in Q3 to $3.9 billion with organic growth of 3.6% for the fiscal third quarter ended Oct. 1, 2023.

 

“We continued to execute on our commitment to delivering sustainable and profitable growth this quarter,” said Thibaut Mongon, CEO and director. “Our operating results and strong cash generation underscore the strength of our leadership position in consumer health, and reflect the strong foundation of the company we are building with durable advantage over the long-term.”

 

Net sales and organic growth for the Happi Top 50 Company were comprised of 7.1% value realization, partially offset by 3.5% volume declines. Portfolio rationalization initiatives in 2022 and market softness in China impacted volume growth by approximately two percentage points.

 

Organic growth was fueled by self-care where successful brand activation and innovation continue to expand usage occasions, driving volume growth and strength across all product categories, said Kenvue.

 

In skin health & beauty, value realization, recovered service levels, a strong finish to the sun season and strength across Latin America and Europe, Middle East and Africa were offset by the impact of 2022 portfolio rationalization in the United States and market softness in China. Momentum in essential health continued as value realization and premiumization initiatives took hold.

Organic growth decreased 0.4%, comprised of 6.4% value realization offset by 6.8% volume declines. The impact of portfolio rationalization initiatives in 2022 coupled with market softness in China accounted for approximately two-thirds of the volume decline. Excluding this impact volume would have been down low-single digits. A strong finish to the sun season in the United States with Neutrogena regaining its sun care leadership position, and strength across LATAM and EMEA led by pricing and premiumization supported growth as supply recovery continued in the United States.