Unilever’s CEO Fernando Fernandez said the consumer goods company has not seen any significant impact on consumer sentiment at this stage from the government shutdown in its key market the United States.

The US government shutdown is entering its fourth week amid a deadlock over funding, raising concerns among businesses about potential disruptions to consumer spending, travel and financial activities such as initial public offerings.

“We see a clear bifurcation in the market there between households that own stocks and households that don’t own stocks… I believe this explains probably the resilience of our premium portfolio in the U.S.,” Fernandez told analysts in a post-earnings conference call.

Unilever reports 5.5% sales growth in North America, delays ice cream spin-off amid US shutdown

The group’s underlying sales in North America grew 5.5% in the third quarter, marking a fifth consecutive quarter of volume-led growth, as the owner of Dove and TRESemme haircare products has invested heavily in higher-margin premium beauty and personal care products in the local market, attracting more affluent consumers.

The shutdown, however, forced Unilever earlier this week to push back on the timing of its ice cream business spin-off.