Amounts are expressed in millions of euros and rounded off to the nearest million. Ratios and variances are calculated based on underlying amounts, not rounded off amounts.
In Q1 2020, Bel generated consolidated sales of €909 million, up 12.2% on a published basis versus €810 million in the prior-year period. The appreciation of the U.S. dollar against the euro accounted for the lion’s share of the foreign exchange effect, which positively impacted consolidated sales by 1.2% or €9 million. Excluding the foreign exchange impact, Bel’s consolidated sales advanced 11.0% organically y-o-y in Q1 2020.
Bel estimates that the environment sparked by the global Covid-19 pandemic accounted for about half the reported Q1 sales growth. In March, the company observed an increase in sales due in part to stockpiling and daily household food purchases as a result of lockdown measures and the closure of restaurants and catering services. All company brands in all geographies contributed to the growth, with the exception of markets in the Levant region, which remains in a recession.
Excluding the impact of the pandemic, organic sales growth was very dynamic and fueled by the strong fundamentals of the company’s sales policy in Europe and preparations for the Easter and Ramadan holidays.
The sales breakdown by market segment is as follows: