Beiersdorf expects sales to slow down in 2024 (updated)
29/02/2024 07:19
(Recasts to focus on sales slowdown, adds share indication in
paragraph 2, details on brands in paragraph 4 and 6, Asia travel
retail context in paragraph 5)
Feb 29 (Reuters) - Nivea maker Beiersdorf BEIG.DE on
Thursday forecast growth in organic sales to slow down to a
mid-single-digit percentage range in 2024, after reporting a
10.8% organic sales increase in the past year.
Shares slid 1.4% in Lang & Schwarz premarket
indications.
Full-year sales rose to 9.5 billion euros ($10.29
billion) from 8.8 billion euros in 2022, in line with
Beiersdorf's
guidance
of low-double-digit organic sales growth, led by strong
sales in its core brand Nivea and skincare brand Derma.
Nivea sales grew 16.2% organically to 5.2 billion euros
in 2023, while sales at its skincare brand Derma were up 24%
organically on the year, offsetting double-digit declines at
luxury brands La Prairie and Chantecaille, the company said.
The company has suffered from disruption in Asian travel
retail markets caused by the so-called "daigou" business, where
Asian consumers buy goods abroad on behalf of domestic buyers.
The company said it aimed to return to growth with La
Prairie and Chantecaille in 2024.
($1 = 0.9229 euros)
(Reporting by Matthias Inverardi, writing by Linda Pasquini and
Eva Orsolya Papp, Editing by Miranda Murray)
((linda.pasquini@thomsonreuters.com; +48 58 7785261;))