07 August 2024, 09:02
Hamburg – The Nivea Group Beiersdorf has continued to grow thanks to its core brand and the rebound in business at Tesa. Sales in the first half of the year rose organically by 7.1 percent to almost 5.2 billion euros compared to the same period last year, as the DAX-listed consumer goods giant announced in Hamburg on Wednesday.
“These positive results more than offset the ongoing headwinds in the challenging luxury market, particularly in China,” commented CEO Vincent Warnery, according to the statement.
Luxury brand weakens
Beiersdorf continues to suffer with its luxury brand La Prairie due to the slump in consumption in China. However, the group stressed that the luxury products had performed better than the market. Nivea and Labello products continue to make up the lion’s share of business – in the first half of the year, Beiersdorf’s sales with these products came close to the three billion euro mark.
Profit slightly declining
At group level, however, profit before interest and taxes for the first six months, adjusted for special effects, slipped from 852 to 838 million euros. The reason for this was brought forward investments and marketing expenditure. Analysts, however, had expected an increase here. After taxes, profit remained more or less stable at 590 million euros. Warnery confirmed the annual forecast. (awp/mc/pg)
