BEI Beiersdorf AG

By Joshua Kirby

Strong growth at Beiersdorf AG's core brand Nivea helped offset a squeeze from China's strict pandemic measures in the first quarter, demonstrating the group's stability, Chief Executive Vincent Warney said as the group confirmed its quarterly sales performance and higher guidance for the full year.

Sales of Nivea face cream and other cosmetics rose 18% in the quarter, adjusted for currency effects, helped both by price increases and volume growth, the German personal-care firm said. This helped the group book a total 12% top-line rise to 2.48 billion euros ($2.72 billion,) as set out in preliminary results earlier this month, offsetting a decline at luxury brand La Prairie amid a challenging situation in China.

"That clearly shows that we're like a four-wheel drive vehicle: if one wheel loses traction, the others will keep the vehicle moving forward," Mr. Warney said.

"That gives us even greater stability and security in times shaped by volatility and crises," he said.

Beiersdorf confirmed that it expects sales growth in the mid-to-high-single digits this year, alongside a slight expansion in the operating margin. The group last year booked booked a 10% sales bump to EUR8.80 billion, with a margin of 12.4%.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 26, 2023 01:47 ET (05:47 GMT)

Beiersdorf (TG:BEI)
Historical Stock Chart
Von Mär 2024 bis Apr 2024

Beiersdorf (TG:BEI)
Historical Stock Chart
Von Apr 2023 bis Apr 2024