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Business

Henkel profits rise as sales drop off

Düsseldorf-based Henkel KGaA, the maker of Schwarzkopf hair colors and Persil detergent, has maintained its full-year earnings and sales targets after second-quarter profit rose 11 percent, helped by cost savings. The domestic chemical manufacturer’s net income rose to €127 million ($142.7 million) from €114 million a year earlier, exceeding analysts’ expectations €120 million. However, the company continues to suffer from lackluster consumer spending and a rising euro, which has diminished the value of revenue generated in the United States, contributing to the 4.4 percent drop in company sales. Henkel earned around 14 percent of its revenue from North America last year. The company also released plans to reduce its workforce and cut costs by €50 million this year.