Q2 2024 Beiersdorf AG Earnings Call Transcript
Key Points
- Beiersdorf AG (BDRFF) reported strong organic sales growth of 7.1% in the first half of 2024.
- The Consumer business grew organically by 8%, driven by double-digit growth in NIVEA and strong performance in the Derma brands.
- The tesa business saw a significant pickup in the second quarter with double-digit organic sales growth, resulting in overall growth of 2.9% for the first six months.
- The company achieved a gross margin expansion of 110 basis points compared to the first half of 2023.
- Beiersdorf AG (BDRFF) continues to expand its e-commerce business, which grew by 16% in the first six months of 2024.
- The economic situation in China remains highly volatile, leading to a 7.0% decline in organic sales at La Prairie for the first six months of 2024.
- North America faced a challenging market environment, resulting in a 1.8% decline in organic sales growth for the first half of the year.
- The company experienced a slowdown in the Derma segment from 10.3% growth in Q1 to around 6.5% in Q2.
- The EBIT margin excluding special factors decreased compared to the first half of 2023 due to a more balanced investment phasing.
- The tax rate in the first half was higher at 32%, impacting the profit after tax margin.
Good morning and welcome to Beiersdorf half year one conference call. This is Christopher Sheldon. It's a pleasure to be with you this morning. I'm here with our CEO, Vincent Warnery; and our CFO, Astrid Hermann. We would like to share with you Beiersdorf financial results of the first six months of 2024. And with that, I'd like to hand over to Vincent.
Thank you, Christopher. Good morning, everyone, and thank you for joining us today. I am pleased to welcome you to our conference call. In the next 30 minutes, I will provide you with an overview of our financial results and key developments of the first six months of 2024. I will then focus on the strategic initiatives that will continue to drive our performance in the future and enable us to be the best skin care company in the world.
Following my remarks, Astrid will provide a detailed analysis of our financial statements. We will then open the floor for your questions. Thank you for being with us this morning,
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
