WPP Cutting Costs Further After Fall in 1Q Like-For-Like Net Sales
April 29 2020 - 2:34AM
Dow Jones News
By Adria Calatayud
WPP PLC said Wednesday that it is cutting costs further after
the coronavirus pandemic led to a 3.3% fall in like-for-like net
sales for the first quarter.
The world's largest advertising company, which owns agencies
such as Wunderman Thompson and GroupM, said it will be able to
respond quickly and will reduce costs further if the depth and
length of the downturn requires it. Many clients have been
significantly hurt by a reduction in consumer demand, though other
sectors such as packaged goods, technology and food retail brands
have been more resilient, WPP said.
In March, WPP's like-for-like net sales--a closely watched
metric of its underlying performance--declined by 7.9%, the company
said.
WPP last month withdrew guidance and suspended its buyback
program and final dividend for 2019.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
April 29, 2020 02:19 ET (06:19 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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