BEI Beiersdorf AG

   By Mauro Orru 
 

Beiersdorf AG said Thursday that after-tax profit and sales fell in the first half amid the continued spread of the coronavirus pandemic.

The German maker of Nivea skin cream said after-tax profit fell to 285 million euros ($338.1 million) from EUR410 million in the first half of 2019.

Earnings before interest and taxes and special factors fell to EUR472 million from EUR593 million, with an EBIT margin excluding special factors of 13.7%, compared with 15.4% in the previous year.

Sales for the first half fell to EUR3.45 billion from EUR3.84 billion.

"In this extremely turbulent year, our business has been strongly impacted by the Covid-19 pandemic. The entire skin-care market significantly declined and, as a consequence, the effect on sales was clearly felt in the first half of 2020," said Chief Executive Stefan De Loecker.

The company said 2020 sales are expected to decline, with EBIT margin expected to be significantly below prior-year level.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

August 06, 2020 02:36 ET (06:36 GMT)

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