Germany: Beiersdorf reports fall in quarterly results
Beiersdorf has reported its second quarter results, posting earnings before interest and tax (EBIT) of 217 million euros ($290 million) and sales of €1.575 billion ($2.09 billion).
The company was hit by a slowdown in some emerging markets. According to Reuters, the company had previously seen growing demand from increasingly brand-conscious consumers in Asia, Eastern Europe and Latin America as a way to compensate for saturated Western European economies.
Beiersdorf CEO Stefan Heidenreich said that “markets are cooling down dramatically, particularly in China, Thailand and Vietnam”.
Making up for the disappointment in emerging markets, Beiersdorf reported a 2% sales increase in Europe in the three months to the end of June. It pointed to positive results in its home market of Germany, where it said business was developing well.