German consumer goods firm Beiersdorf, best-known for its Nivea skin cream, said its business significantly improved in the third quarter after the coronavirus pandemic caused a revenue drop in the first half.
Sales for the first nine months came in at €5.7 billion, the Hamburg-based company said, a decline of 8.5% on the year after the pandemic-induced slump.
In Western Europe, sales were down 10.8% on the same period last year, due to 'weak market developments' in Germany, France, Spain, and the United Kingdom as a result of the pandemic, the company said. In Eastern Europe, the drop in sales was 5.5%.
'Held Our Ground'
“The company’s results improved significantly in the third quarter," commented Stefan De Loecker, chief executive. "We held our ground well in a skin care market that remains difficult and won market share in all skin care categories.
“Nevertheless, the COVID-19 pandemic has large parts of the world firmly in its grip. It is still not possible to predict when the situation will improve sustainably. We are in a competitive position in this challenging market environment and are strengthening our position by continually implementing our C.A.R.E.+ strategy.”
Beiersdorf expects operating profit (EBIT) margins to be significantly below prior year's level, it added.
News by Reuters, edited by Checkout.