2024-04-16 11:03:09 ET
Beiersdorf Aktiengesellschaft (BDRFF)
Q1 2024 Results Conference Call
April 16, 2024 3:00 AM ET
Company Participants
Jens Geissler - Head of Investor Relations & Corporate Treasurer
Vincent Warnery - CEO & Chairman of the Executive Board
Astrid Hermann - CFO & Member of Executive Board
Conference Call Participants
Jean-Olivier Nicolai - Goldman Sachs
Celine Pannuti - JPMorgan
Guillaume Delmas - UBS
Bruno Monteyne - Sanford
Rashad Kawan - Morgan Stanley
Jeremy Fialko - HSBC
Emma Letheren - RBC
Iain Simpson - Barclays
Thomas Sykes - Deutsche Bank
Victoria Petrova - BofA
Rogerio Fujimori - Stifel
Molly Wylenzek - Jefferies
Karel Zoete - Kepler
Mikheil Omanadze - BNP
Presentation
Jens Geissler
Welcome, everyone, to Beiersdorf's Q1 conference call. Our CEO, Vincent Warnery; and CFO, Astrid Hermann, are here with me this morning, and we would like to share Beiersdorf's business results of the first quarter '24. We will start with the presentation and the business review. Just some technical remarks before we get going. [Operator Instructions]
And with that, I will now hand over to Vincent.
Vincent Warnery
Thank you, Jens, and good morning to all of you. Welcome to today's conference call regarding our business performance in the first quarter of 2024. Astrid and I have the pleasure of presenting our strong financial figures for the first 3 months of the year.
Beiersdorf is off to a truly great start in 2024. We were able to keep up the positive momentum from our record year in 2023 and achieved sales growth across the brand portfolio in the Consumer Business segment in the first quarter of 2024. This performance led to impressive double-digit growth of 10% for the Consumer Business.
NIVEA and our Derma brands were the main driving forces here, both with double-digit growth figures in the first 3 months. As indicated earlier, our luxury business has returned to growth and is gaining speed towards the expected full turnaround after a tough year in 2023. At tesa, we saw a decline in sales in the first quarter, mainly due to a slow start in the electronics and electrical systems divisions.
Together, these results translate to strong growth of 7.3% at group level. Based on this promising start to the year, we are upgrading our full year guidance for the group and the Consumer Business today. More details on that will follow later....
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Beiersdorf Aktiengesellschaft (BDRFF) Q1 2024 Earnings Call Transcript