Puig ends 2020 with loss of 72 million euros, 24% pandemic-related reduction in sales

Puig ended fiscal 2020 with a loss of 72 million euros, following the "worst year in the company's history," according to the group's CEO, Marc Puig, speaking at a press conference on Wednesday. 

This loss was the result of the impact of the Covid-19 pandemic on the operations of the company, whose sales declined 24% year over year, falling from 2.03 billion euros in 2019 to 1.54 billion in 2020. Puig's EBITDA remained positive at 93 million euros, down from the 333 million euros achieved by the company in the previous year. 

The CEO pointed out that Puig's EBITDA "demonstrates that the company continues to generate cash flow" despite the impact of Covid-19.

In particular, the pandemic caused a significant reduction in sales of perfumes, cosmetics and evening gowns, said the executive.