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Air France-KLM said capacity will drop 95% in the second quarter and the impact of the outbreak could be felt for years, while British Airways owner IAG (LON:ICAG) SA predicted air travel demand won’t return to pre-pandemic levels before 2023.
Anheuser-Busch InBev NV, the last of the major brewers to report first-quarter results, said sales have been plagued by shut restaurants and bars and that the second quarter will only get worse. Sneaker-maker Puma SE had a similar message, with sales running about 50% lower this quarter.
But customers are still shopping from home. German online fashion retailer Zalando SE said revenue may increase 10% to 20% this year as consumers buy more online.
Two-thirds of European companies have reported first-quarter results, and profits are down 25%, JPMorgan Chase (NYSE:JPM) & Co. strategists said in a note published before Thursday’s earnings releases.
Key Developments:
Here’s the top virus-related earnings news for today by sector.
Food & Beverage
Travel & Leisure
Metals & Mining
Industrials
TMT
Retail
Banks
Chemicals
Construction
Insurance
Health Care
Energy
Utilities
Autos
Market Strategy
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