Nivea-maker Beiersdorf downbeat for 2020
Reuters
Published Aug 06, 2020 02:44
BERLIN (Reuters) - Nivea-maker Beiersdorf (DE:BEIG) reported a 20% drop in first-half operating profit on Thursday and predicted a fall in sales and profitability for the full year as both its consumer business and adhesives unit suffer in the coronavirus pandemic.
Beiersdorf said first-half operating profit came in at 472 million euros ($561.49 million) on sales down 10% to 3.449 billion euros. Its core brand Nivea saw organic sales drop 8.8%, while the Tesa adhesives unit saw sales fall 10%.
It said sales would fall in both consumer and adhesives unit for 2020 as a whole and it expects its group operating profit margin to be significantly below the prior-year level.
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Written By: Reuters
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