Beiersdorf's 2020 Profit Falls; Co Steps Up Strategy Program Investment
February 16 2021 - 4:19PM
Dow Jones News
By Adriano Marchese
Beiersdorf AG on Tuesday reported a fall in profits in 2020
after a challenging year navigating the Covid-19 pandemic but said
it would increase investment funding toward its strategy
program.
The German company, which owns skincare brands including
Eucerin, Nivea and Elastoplast, said adjusted profit after tax--the
company's preferred metric which excludes special factors--was 636
million euros ($771.4 million), down from EUR788 million in
2019.
Adjusted earnings per share fell to EUR2.73 from EUR3.40.
Sales fell to EUR7.03 billion from EUR7.65 billion in 2019, with
the company's consumer business segment booking lower sales of
EUR5.7 billion from EUR6.27 billion.
The company said it will invest a further EUR300 million in its
strategy program, which it said is geared toward sustainability,
digitalization and growth markets over the next five years.
"The aim of this investment is to benefit from the strong market
position, further increase the brands' appeal, and gain further
market share," the company said.
Looking ahead, Beiersdorf expects positive sales growth and
earnings before interest and taxes margins at the prior year's
level.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 16, 2021 16:04 ET (21:04 GMT)
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