Consumer brands firm Kenvue Inc (NYSE:KVUE) traded on the front foot in Thursday’s early deals, as its second quarter beat expectations (but fell short in year-over-year comparatives).
Net sales totalled $3.74 billion in Kenvue’s first quarter, exceeding the consensus forecast of $3.68 billion whilst 3.9% lower than last year’s digit.
Organic sales were down 1.2%, and Kenvue noted a 2.7% headwind from foreign exchange.
The Calpol and Band-Aid parent noted that operating income margin fell to 19.8%, amid lower volumes and higher brand investment.
Earnings (adjusted) per share came in at 24 cents, slightly above the Wall Street consensus of 23 cents – and down from 28 cents a year ago.
CEO Thibaut Mongon told investors: “our teams executed our plans while continuing to navigate an evolving macro and consumer environment.”
Shares of Kenvue gained around 5.4% by midday Thursday.