Beiersdorf raises 2024 sales guidance on strong Q1

Skincare maker Beiersdorf BEI 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 it 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 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 industry.

($1 = 0.9418 euros)