Beijer Ref reports €96m hit on sales due to Covid-19
15th July 2020SWEDEN: The full effects of Covid-19 saw refrigeration wholesaler Beijer Ref’s net sales drop by 16.5% in the second quarter of this year.
With sales in the second quarter totalling SEK3,338m (€322m), lost sales during the first half of the year are estimated to be SEK1bn (€96m).
While April and the first half of May were heavily affected by the coronavirus pandemic, sales at the end of the quarter recovered and were reported to be on a par with the previous year.
The operating profit for the quarter amounted to SEK241m (€23m), a decrease of 35% compared with the same period last year.
Net sales decreased by 8.3% in the first half compared to the same period last year and amounted to SEK6,816m (€6568m).
“As expected, the effects of Covid-19 have had full impact in the second quarter, a period characterised by virtually completely closed markets,” commented Beijer Ref CEO Per Bertland.
“April and the first half of May were particularly heavily affected by the effects of the Corona pandemic. Since then, we have been able to monitor week by week how the markets have gradually opened up and sales at the end of June were on a par with the corresponding period last year, which is a faster recovery than our previous estimates.”
Accepting that Covid-19 had been a severe test for Beijer Ref, Bertland sees positive signs for the future: “Although the period has been very different from previous years, we see clear signs that our HVAC segment is growing ever stronger.”
Beijer Ref’s digitalisation of the business and the launch of e-commerce in new markets is said to have set new records in internet sales.
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