Raisio has announced that its net sales increased by 1.8% in its first half.
According to the Benecol maker's latest financial results, 'the first half of the year was filled with rapid and partially unexpected changes for Raisio.'
While earnings before interest and taxes (EBIT) for the first half was up 11.5%, second quarter EBIT slumped by 4.1%.
According to president and CEO Pekka Kuusniemi, the period saw fluctuations in demand and sales performance, largely driven by consumer reaction to the COVID-19 crisis.
"The extreme panic buying in response to the pandemic that took hold in March caused a sudden peak in demand, which continued for a number of weeks," he said.
"The demand focused particularly on foods that store well, of which Raisio’s portfolio includes quite a few. During the second quarter, the demand evened out quickly and there was a notable fluctuation between months, both in terms of volume and the different markets."
Withdrawn Guidance
On 29 July, Raisio said that it had withdrawn its guidance for 2020, due to the 'potential second wave of the COVID-19 pandemic and the prolonged state of the pandemic in general.'
Unexpected changes in consumer behaviour caused by the pandemic continue to inflict significant insecurity in its different markets during the second half of the year, it added.
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.
