Seb: update on Covid-19 impact
(CercleFinance.com) - Late on Thursday Seb announced that it today that it estimates that the pandemic will knock about 200 million euros off its Q2 sales and not 450 million to 500 million euros, as announced on 28 April.
"The slighter decrease in sales, combined with the rigorous implementation of cost-reduction initiatives, and notably short-time working measures, reduces the impact on Operating Result from Activity in the second quarter, which is now expected to be in positive territory," it added.
Seb also states that, at this stage it is still impossible to quantify precisely the impacts of Covid-19 over the whole financial year. The group therefore maintains that its sales and operating profit will be significantly lower than in 2019.
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"The slighter decrease in sales, combined with the rigorous implementation of cost-reduction initiatives, and notably short-time working measures, reduces the impact on Operating Result from Activity in the second quarter, which is now expected to be in positive territory," it added.
Seb also states that, at this stage it is still impossible to quantify precisely the impacts of Covid-19 over the whole financial year. The group therefore maintains that its sales and operating profit will be significantly lower than in 2019.
Copyright (c) 2020 CercleFinance.com. All rights reserved.