Danone Says 2020 Results Hurt By Pandemic; Expects to Return to Growth From 2Q
February 19 2021 - 02:05AM
Dow Jones News
By Giulia Petroni
Danone SA said Friday that 2020 results were hurt by the
coronavirus pandemic and that it expects to return to growth from
the second quarter of this year.
The French food company said net profit was 1.96 billion euros
($2.36 billion), compared with EUR1.93 billion the previous
year.
Recurring net income, which excludes exceptional items, was down
13% at EUR2.19 billion. An analysts' consensus provided by Danone
had the figure at EUR2.14 billion.
Full-year sales decreased 1.5% on a like-for-like basis to
EUR23.62 billion, while the recurring operating margin for the year
was 14%, in line with guidance.
Sales for the fourth quarter were down 1.4% like-for-like, but
showed a sequential improvement compared to the previous
quarters.
Looking ahead, Danone said it expects a tough first quarter of
the year with continued channel headwinds and expects to return to
sales growth from the second quarter and to profitable growth,
including margin expansion, in the second half. Recurring operating
margin is expected to be broadly in line with last year.
The company said it will propose a dividend of EUR1.94 a share,
down 8% from last year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 19, 2021 01:50 ET (06:50 GMT)
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