Consumer giants take rosy view of epidemic damage

French yoghurt maker Danone said on Feb. 26 it expects the coronavirus health crisis to cut 100 million euros off its first quarter sales in China. It said it was now targeting like-for-like sales growth of 2% to 4% in 2020 and an operating margin above 15%. It previously targeted 4% to 5% sales growth and an operating margin above 16%.

The Paris-listed company’s like-for-like sales grew 2.6% to 25 billion euros in 2019, just above the 2.5% expected by analysts. Spirits maker Diageo said on Feb. 26 it expected the coronavirus to lower organic net sales by 225 million pounds to 325 million pounds in the year ending June 2020. It expects the hit to organic operating profit to be between 140 million pounds to 200 million pounds.

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