Beiersdorf Guides for Sales Growth Ahead
By Helena Smolak
Beiersdorf said it is targeting sales growth and a slight margin expansion in the year ahead after 2023 earnings and sales rose, although after-tax profit fell.
The German personal-care products maker said Thursday that profit after tax was 749 million euros ($811.9 million), down from EUR771 million the previous year.
Earnings before interest and taxes increased to EUR1.105 billion from EUR1.09 billion, while EBIT excluding special factors came in at EUR1.27 billion in the year.
Group sales rose by 11% organically to EUR9.45 billion, in line with the company's prior growth forecast of organic sales in the low double-digit range.
For 2024, the group now targets mid-single-digit organic sales growth with an EBIT margin slightly above the previous year's level.
The consumer business segment recorded a double-digit rise in organic sales of 12.5% to EUR7.78 billion, driven by price increases and cost management, Beiersdorf said. The Tesa adhesive products business registered organic sales growth of 3.2% to EUR1.67 billion.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
February 29, 2024 02:30 ET (07:30 GMT)
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