[Today’s Bulletin] Bathroom Giant Geberit Reports Second Quarter Results
Bathroom Business School
Geberit (Geberit), the Switzerland-based bathroom giant, has announced the company’s second quarter results.
The company’s operating profit fell 20% from last year to 161.9 million Swiss francs (about $178.8 million). On the net profit side, it fell 24% to CHF131.0 million (about $145.0 million).
Geberit attributed the main reason for the decline to the impact of the new crown epidemic on the global economy, the company said that, given the small chance of rebound of the epidemic, the lifting of home quarantine order, the company’s construction-related business will return to a more normal state in the second half of the year.
In the second quarter of the year, the company’s sanitary product sales were significantly affected by, on the one hand, the sluggish rate of new construction and the shelving of old home renovation projects, which led to a decline in market demand for the product. On the other hand, a large number of the Company’s physical stores were forced to close temporarily, resulting in the disruption of sales channels and disrupting the Company’s original sales plan.
The Company is cautiously optimistic about its performance in the second half of the year, believing that the projects that have been suspended or delayed, as well as the offline stores that have been closed, will continue to weigh on the Company’s performance in the second half of the year. However, the recovery of the economy in the second half of the year will play a supporting role in the company’s performance.