Beiersdorf financials
This article was originally published in The Rose Sheet
Executive Summary
Sales of the Nivea and Labello brands, which grew 5.3% and 6.4%, respectively, drove Cosmed division revenue up 3.9% to $2.7 bil., when adjusted for currency for the nine months ended Sept. 30, firm reports Nov. 11. Sales dropped 1.5% on a nominal basis, however. Medical sales declined 4.4% on a nominal basis to $743.2 mil. but rose 2.4% after currency adjustments, benefiting from Eucerin, which grew 11.6%. In the Americas, sales plummeted 17.6% to $586.4 mil. on a nominal basis due to negative currency effects, according to Beiersdorf. Worldwide sales grew 3.8% to $4 bil. when adjusted for currency effects but declined 1.8% on a nominal basis. Profit after tax was $276.5 mil., up 4.7%. Sales in 2004 are anticipated to grow 7% under Beiersdorf's new management structure, announced in July. Majority stake in the company was recently acquired by a group of German investors led by shareholder Tchibo Group (1"The Rose Sheet" Oct. 27, 2003, p. 4)...