Beiersdorf: returns to token organic growth in Q3
(CercleFinance.com) - Beiersdorf, the owner of the Nivea brand, announced on Wednesday that it has returned to token organic growth in the third quarter, although this performance failed to overshadow the sharp drop in its sales over the first nine months of the year.
This morning, Beiersdorf reported organic growth of 0.2% for its third quarter, notable thanks to market share gains in skincare products.
The German group, which also owns the Labello and Hansaplast brands, added that it generated sales of 5.2 billion dollars over January-September, compared with 5.7 billion euros for the same period last year, representing an 8.5% drop in sales.
On a like-for-like basis, i.e. on in organic terms, the decline in revenue was limited to 7.1%, compared with a 10.7% decline over the first six months of the year.
For 2020, Beiersdorf has said that it expects its sales growth to be broadly in line with the decline recorded for the first nine months of the year.
Investors, worried about another potential lockdown in Germany and its effects on the economy, snubbed these figures and sold the share, which was down over 6% in late morning trading on Wedneday.
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