Philips Personal Health Businesses Expected to Regain ‘Modest Growth’ in Q4
COVID-19 lockdowns sent Q2 sales in the Philips consumer products “portfolio” plunging 19%, with all personal health businesses declining by double digits, said Chief Financial Officer Abhijit Bhattacharya on a Monday investor call. Consumer sales through digital online channels grew…
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by mid-single digits in the quarter to about 46% of total sales for the personal health businesses, compared with 33% in Q1, he said. In-store consumer sales declined by “strong double digits” in Q2, he said. “We have witnessed gradual improvement of consumer demand in the course of the second quarter, with a comparable sales decline of 11% for the personal health businesses in the month of June, he said. “We currently expect consumer demand to sequentially improve in Q3 and personal health comparable sales to be back to modest growth in the fourth quarter.”