Beiersdorf 1st Half After-Tax Profit, Sales Fell Amid Coronavirus
06 August 2020 - 4:51PM
Dow Jones News
By Mauro Orru
Beiersdorf AG said Thursday that after-tax profit and sales fell
in the first half amid the continued spread of the coronavirus
pandemic.
The German maker of Nivea skin cream said after-tax profit fell
to 285 million euros ($338.1 million) from EUR410 million in the
first half of 2019.
Earnings before interest and taxes and special factors fell to
EUR472 million from EUR593 million, with an EBIT margin excluding
special factors of 13.7%, compared with 15.4% in the previous
year.
Sales for the first half fell to EUR3.45 billion from EUR3.84
billion.
"In this extremely turbulent year, our business has been
strongly impacted by the Covid-19 pandemic. The entire skin-care
market significantly declined and, as a consequence, the effect on
sales was clearly felt in the first half of 2020," said Chief
Executive Stefan De Loecker.
The company said 2020 sales are expected to decline, with EBIT
margin expected to be significantly below prior-year level.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
August 06, 2020 02:36 ET (06:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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