Beiersdorf has reported weak sales figures for its most recent quarter, hurt by weakness at its Tesa adhesives division.
For the first quarter (ending 31 March), sales were up 2.4% on an organic basis (-1.9% to €1.67bn), coming in below analysts’ estimates. Sales at Tesa were down 5.9% to €277m (-3.2% organic), while the Consumer products division recorded a 1.1% decline to €1.4bn (+3.6% organic).
Sales in Europe were up 0.9% to 888m (+3.5% organic), but they fell by 8.5% to 287m in the Americas (-0.5% organic), and by 2.7% to 498m in Africa/Asia/Australia (+2.4% organic).
CEO Stefan Heidenreich warned that Tesa might continue to drag on group results, noting: “We do not expect to see a short-time recovery in Asia’s electronics business and there is not much we can do about it as this is completely market driven”.
However, Beiersdorf confirmed its full-year forecast of sales to grow by 3%-4% on an organic basis.