By Michael Susin

Beiersdorf upgraded its full-year expectations after reporting a robust sales increase during the first quarter, driven by Nivea cream.

The German personal-care products maker on Tuesday said it now expects organic sales growth for 2024 of 6% to 8%, compared with its previous target of mid-single-digit growth.

It continues to expect an earnings before interest and taxes margin slightly above last year's 13.4%.

Group total sales for the first quarter rose 2.6% to 2.6 billion euros ($2.76 billion).

Organic sales at its consumer segment--Beiersdorf's core business, which focuses on skin and body care products--rose by 10% to EUR2.2 billion, driven by Nivea cream sales, which increased by 13%. The business reported growth across all regions, especially in Europe and the emerging markets.

"Nivea also achieved its best quarter ever in terms of absolute value in the first quarter," Chief Executive Vincent Warnery said. "At the same time, our Derma business contributed solid double-digit growth, and the luxury business is on its way toward the expected full turnaround after a challenging year 2023."

However, sales at its Tesa adhesive business fell 5.4% to EUR397 million.

Write to Michael Susin at

(END) Dow Jones Newswires

04-16-24 0214ET