Beiersdorf raises 2024 sales guidance on strong Q1

Skincare maker Beiersdorf raised its 2024 sales guidance on Tuesday, citing strong first-quarter sales of its Nivea brand in all regions. The German company, which saw just under half of its sales come from Nivea last year, now expects 2024 sales to grow by between 6% and 8%, up from the "mid-single-digit" growth forecast in February.

Beiersdorf sales of 2.6 billion euros ($2.76 billion) for the first quarter grew by 7.3% on the same period last year, beating the 6.2% increase expected by analysts polled by Vara Research.

Sales of Beiersdorf's luxury La Prairie brand grew by 1% in the quarter, an increase which CEO Vincent Warnery said marked the start of a "complete turnaround" in its performance.

Weak demand in China had contributed to a 15.4% decline in organic sales for the brand over the course of last year.

Overall sales at its consumer skincare division grew by 10% in the first quarter, offsetting a 5.4% decline in sales in its Tesa division, which makes adhesives for consumers and industry.

Tesa's sales decline was mainly attributable to weakness in the electronics division in North America and Asia, Beiersdorf said in its statement.