Day: May 10, 2020

Heineken Pulls Payout, Kering’s Gucci Sales Slump: Earnings Wrap

(Bloomberg) — Consumer-goods companies from brewers to paint-makers sounded notes of caution on spending as the fallout in confidence from the coronavirus pandemic spreads even as lockdowns are lifted.

Heineken NV canceled its interim dividend and said its board will take a pay cut to mitigate the impact, while Kering said it doesn’t see a recovery in the U.S. or Europe before at least June or July after sales at its flagship brand Gucci tumbled. The shares fell nearly 7%. Akzo Nobel NV’s stock rose after earnings topped expectations, but the company said shoppers will need to “have money in their pocket” before shelling out for decorative paints.

In one of the only industries cushioned from the virus, Roche Holding AG advanced after the drugmaker said it still sees a small profit gain this year as demand for its medicines holds up and the company works on developing tests for

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