Kenvue predicts higher profits due to increased demand for self-care.
(Reuters) -Kenvue, the former consumer health unit of Johnson & Johnson, is set to exceed Wall Street’s profit expectations for the full year. The company’s strong demand for skincare and self-care products like Neutrogena and Benadryl has contributed to this positive outlook.
In its first results announcement since going public in May, Kenvue reported a rise in net sales for the second quarter, reaching $4.01 billion compared to $3.81 billion the previous year.
For the full year 2023, Kenvue expects an adjusted profit per share between $1.26 and $1.31, surpassing analysts’ estimates of $1.23 according to IBES data from Refinitiv.
Despite challenges such as higher interest rates and rental costs impacting household income, customers have continued to prioritize essential daily use products, benefiting consumer health companies like Kenvue.
(Reporting by Ananya Mariam Rajesh and Raghav Mahobe in Bengaluru; Editing by Devika Syamnath)
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