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Nivea-maker Beiersdorf downbeat for 2020

Nivea-maker Beiersdorf downbeat for 2020

8/6/2020 12:00:00 PM

Nivea-maker Beiersdorf downbeat for 2020

Nivea-maker Beiersdorf 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.

FILE PHOTO: Nivea tins are seen in a production line at the plant of German personal-care company Beiersdorf in Hamburg, Germany March 3, 2017. REUTERS/Fabian BimmerBERLIN (Reuters) - Nivea-maker Beiersdorf (BEIG.DE) 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.

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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.

Reporting by Emma Thomasson, editing by Thomas Escritt Read more: Reuters Top News »

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