Henkel Withdraws 2020 Outlook As Coronavirus Uncertainty Hits

Germany’s Henkel has withdrawn its financial forecast for 2020 citing economic uncertainty due to the ongoing COVID-19 pandemic.

The consumer goods giant said that at present it is not possible to predict the future business performance of the company in 2020.

Henkel CEO Carsten Knobel, explained, “As the COVID-19 pandemic has worldwide reach and its further development is impossible to predict, we currently cannot make reliable projections for our business performance in 2020.”

Henkel expects its overall organic sales growth to decline by 0.9% in the first quarter of its financial year, according to preliminary results.

The consumer goods giant is likely to see a 5.5% growth in organic sales in its laundry and home care division, driven by strong demand.

ESM