April 23, 2020 / 5:22 AM / a month ago

Hygiene products group Essity gross margin squeezed by lower prices in Q1

STOCKHOLM, April 23 (Reuters) - Swedish hygiene products group Essity said on Thursday lower prices, mainly for consumer tissue in Europe and Asia, negatively impacted its gross margin in the first quarter.

It reported a 67% jump from a year earlier in operating profit before amortisation and items affecting comparability to 5.33 billion crowns ($528 million) as the pandemic drove consumers to stockpile household essentials, in line with a preliminary reading published April 14.

It said the COVID-19 pandemic and related measures to contain it meant uncertainty about the future was much greater than normal. ($1 = 10.1004 Swedish crowns) (Reporting by Anna Ringstrom; editing by Niklas Pollard)

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