Beiersdorf hails strong start to 2024: Q1 sales up 7.3 percent to €2.6 billion

Beiersdorf hails strong start to 2024: Q1 sales up 7.3 percent to €2.6 billion

THE WHAT? Beiersdorf has announced its results for the first quarter of fiscal 2024. The manufacturer of Nivea said it achieved a ‘strong start’ to the year with group sales rising 7.3 percent yoy in organic terms to hit €2.6 billion.

THE DETAILS The Consumer Business Segment delivered double digit growth, up 10 percent in organic terms to €2.2 billion, with growth across the entire portfolio. Nivea and the group’s Derma brands were singled out in particular for their impressive growth (+12.6 percent and +10.2 percent respectively) while luxury brand La Prairie put on a more modest 1 percent.

Beiersdorf upgraded its sales guidance for 2024 accordingly and is now predicting organic sales growth of between 6 percent and 8 percent.

THE WHY? Vincent Warnery, CEO of Beiersdorf, explains, “Beiersdorf is off to an outstanding start in 2024. All our main Consumer brands achieved growth in the first quarter. The strong double-digit growth at Nivea drove our portfolio here with sales increases everywhere, especially in Europe and the Emerging Markets. Nivea also achieved its best quarter ever in terms of absolute value in Q1. This underlines the enduring global popularity of our icon. At the same time, our Derma business contributed solid double-digit growth, and the luxury business is on its way toward the expected full turnaround after a challenging year 2023. This performance level in the first quarter is reinforcing our continued aspiration of profitable growth, and we are therefore raising our sales guidance for the full year.”