Carlsberg, Electrolux, Puma, and banking giants plot rapid post-Covid recovery

The rapid recovery of the Chinese economy after the Covid crisis helped Carlsberg to beat expectations even as lockdowns depressed markets in western Europe, said the Danish brewer.  

Global beer giant Carlsberg, appliance maker Electrolux, European banking giants Deutsche and Lloyds, UK supermarket Sainsbury's, and sports clothing firm Puma have all posted earnings that reveal the largest corporates are plotting their ways out of the Covid recession.

The rapid recovery of the Chinese economy after the Covid crisis helped Carlsberg to beat expectations even as lockdowns depressed markets in western Europe, said the Danish brewer.  

The world's third-biggest brewer, after Heineken and Anheuser Busch, said volumes sold in China increased by more than 50% compared with the first three months of last year and by 20% from the same period in 2019. 

Volumes declined by 6% in the more profitable western European market, although the company had a "relatively good start to April" and saw "good progress" in Britain, where pubs reopened this month, it said.

Sweden's Electrolux posted a record first-quarter performance, benefiting from social restrictions which meant consumers were using their appliances more frequently and spending more on replacements.

First-quarter operating profit at Europe's biggest home appliances maker grew to 2.3bn crowns (€227m) from a year-earlier €122m on a 23% jump in organic sales.

British supermarket chain Sainsbury's forecast a big rebound in underlying profit this year after a 39% fall in 2020-2021 as strong food sales during the pandemic were outweighed by extra costs.  

Meanwhile, German sportswear company Puma expects a consumer backlash against western brands in China and congestion at ports to hit its sales though it gave an upbeat outlook for 2021 following a strong first quarter. Overall, Puma reported a 26% rise in first-quarter sales to €1.55bn. 

Deutsche Bank, Germany's largest, posted a better-than-expected net profit for the first quarter, and Lloyds Banking Group, Britain's largest, smashed quarterly profit forecasts. 

Irish Examiner and Reuters