Beiersdorf reported a strong set of figures as some well-known Consumer brands benefited from the early hot weather in the Northern Hemisphere and the ability to serve customers demand. This was compounded by the re-listing at some retailers, especially in Germany. On the back of the better-than-expected figures, the management lifted its FY top-line guidance although the profitability guidance remained unchanged. Following the call our conclusion was that this implies some conservatism as the ....