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BREAKING NEWS

Amazon accounts for tiny fraction of overall sales - Unilever CFO

Amazon accounts for tiny fraction of overall sales - Unilever CFO
The logo of Unilever is seen at the headquarters in Rotterdam, Netherlands August 21, 2018. REUTERS/Piroschka van de Wouw -
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Piroschka Van De Wouw(Reuters)
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(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 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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