Soaps, Sanitisers Boost PZ Cussons Sales; Pandemic Weighs On Beauty Products
UK's PZ Cussons Plc said on Wednesday first-quarter revenue jumped 23% due to a spike in demand for soaps and hand sanitisers during the COVID-19 pandemic, but warned the health crisis could hamper sales in its beauty business.
The company said it expects volatility and risk brought on by the global health crisis to continue despite the recovery it has witnessed, adding that it was preparing for a multi-year turnaround of the business.
Social Media Influencers
Full-year profit slumped by 14% as sales of fake tan brand St Tropez, namechecked by reality TV star Kim Kardashian and other social media influencers, were hit hard due to coronavirus-led curbs in the United States, Britain and Europe.
Cussons, which makes Imperial Leather soap and Carex handwash, said adjusted profit before tax from continuing operations fell to £62 million ($78.80 million), for the year ended 31 May from £72.3 million a year ago.