Beiersdorf raises FY23 outlook following "successful" start to year

Beiersdorf, the owner of Nivea and Eucerin, has raised its full-year guidance following better than expected sales in Q1.

The group reported a "successful" start to the financial year, with organic sales up 12.2% to £2 billion (€2.4 billion) in the first quarter of 2023. Organic sales in the consumer business segment increased by 14.8% to £1.7 billion (€2 billion).

As a result, Beiersdorf now expects organic sales growth in the mid-to-high single digit range for both the group and consumer business segment, compared to its previous guidance of mid single digit growth.

For EBIT margin, the previously published forecast for the full-year remains unchanged. The consolidated EBIT margin, excluding special factors, will be slightly above the prior year’s level of 13.2%.

Vincent Warnery, CEO of Beiersdorf, said: "Our strategy is working – we are extremely well-positioned.

"In the first quarter, in addition to the Nivea business in Europe, our main growth and profitability drivers include the Nivea business in emerging markets and our successful derma business. This makes us more stable and able to withstand crises. We are therefore better able to compensate for volatility in individual areas."

The trading update follows one of the group's "most successful financial years in recent history". Group sales increased 10.2% organically to £7.6 billion (€8.8 billion) in 2022, compared to £6.6 billion (€7.6 billion) in 2021. All regions and brands contributed to Beiersdorf's growth, with European sales up 5% despite the war in Ukraine.

Beiersdorf will release its financial results for the first quarter of FY23 at the end of April.