Kenvue Sales Miss Estimates as Weak Volumes Plague Tylenol Maker
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Kenvue Inc., the owner of Tylenol and Band-Aid, reported sales that missed analyst estimates after weaker-than-expected volumes hurt results and provided activist investor Starboard Value with more fodder in its fight to shake up the company.
The key measure of organic sales rose 1.7% in the three months ended Dec. 29, the company said Thursday. That compares with an average estimate of 3.4% growth, according to analyst projections compiled by Bloomberg. Adjusted earnings met expectations.
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