THE WHAT? Beiersdorf has announced a first-half sales fall of 10.7 percent, according to a report by Reuters, with the drop put down to both its consumer and adhesives unit being hit by fallout of the COVID-19 pandemic.
THE DETAILS The Nivea maker posted first half sales of 3.513 billion euros, falling short of average analyst forecast for 3.65 billion euros ($4.13 billion).
The consumer business sales fell 10.9 percent, while the Tesa adhesives unit dropped 10 percent. Sales of La Prairie and sun care are said to have been hit hard by the sharp fall in travel amidst the pandemic, while hand wash, hand creams and plasters reported a rise in sales.
THE WHY? The personal care giant is said to have felt the fall out of COVID-19 more keenly in the last three months, with Q1 sales dropping 3.6 percent.
Beiersdorf stated it was unable to give a definite forecast of coronavirus’ impact on its full year results.