Price increases helped Beiersdorf’s (BEIG.DE) Nivea brand improve its sales by 18% in the first quarter of 2023, the German company reported on Wednesday, confirming greater sales throughout its whole business year over year.
Tesa’s segment managed 0.9% organic growth throughout the quarter.
A poorer start to the year for its electronics business in China, which was impacted by decreased demand for smartphones and tablets, was offset by a double-digit percentage increase in sales to the automotive industry.
La Prairie, a luxury brand from Beiersdorf, was the lone outlier, reporting a 12% year-over-year decline in sales. The business attributed this to difficult market conditions in China brought on by the COVID-19 rules’ modifications.
“Momentum in the business appears very good (volumes up) aside from La Prairie, which should turn materially in Q2 2023,” Credit Suisse commented on the result.
Sales for Beiersdorf’s consumer business section totalled 2.06 billion euros ($2.27 billion), up 14.8% over the previous year.
Early Frankfurt trading saw a 0.3% increase in Beiersdorf stock.
($1 = 0.9108 euros)