 International Flavors Fragrances Inc. IFF said on Monday that sales dropped 7 in the first eight weeks of the second quarter driven by continued pressure particularly felt by small- and mid-sized customers as a result of the coronavirus pandemic.Shares declined 2.1 to 135 in Mondays pre-market trading. The maker of flavors and fragrances said that lower sales volumes combined with additional COVID-19 manufacturing and procurement costs, reduced gross profit by 12 on a reported basis compared to the same period last year. However, rigid cost management and continued productivity initiatives partly offset these challenges, the company said.These past eight weeks have coincided with the peak of restrictive regulatory actions around the world. We remain fortunate that most of our business is in end-markets and categories with relative strength, but we are not totally immune, said IFF Chairman and CEO Andreas Fibig. Given the easing of restrictions in many countries that we are seeing in June, I am cautiously optimistic that sales and profit will improve as economic activity resumes.IFF said the categories most exposed to temporary consumer access disruptions to retail markets, such as fine fragrance and away-from-home channels, including food service, experienced significant pressure. These categories accounted for about 15 of total 2019 revenue.Meanwhile, IFF experienced solid demand for products used in packaged food, beverage, hygiene and disinfection products, which represented about 85 of total 2019 revenue.On a geographic breakdown, North America sales showed resiliency, while the emerging markets, especially India and several Latin American countries, were impacted by COVID-19 as fierce regulatory restrictions were put in place to protect communities. In China, where restrictions have already eased, growth has sequentially improved, the company said.IFF shares have jumped 46 since reaching a multi-year low in March and are now trading about 8 higher than at the start of the year.Wall Street analysts are divided on the stock between 3 Buy ratings versus 2 Hold and 1 Sell rating adding up to a Moderate Buy consensus. The 137.40 average analyst price target suggests shares are fully priced and are poised to be on the downside in the coming year. See IFF stock analysis on TipRanks. Related News: Syracuse Is Said To Be In Talks To Buy Bankrupt J.C. Penney; Shares Leap 55 Macys Spikes 17 On Refinancing Plan To Weather Coronavirus Crisis Foot Locker Earnings Miss On All Counts; Stock Down 6 In Pre-Market More recent articles from Smarter Analyst: Activist Investor Jana Partners Builds 5.9 Stake in Perspecta; Stock Jumps 9 In Pre-Market Bankrupt Hertz Pops 51 In Pre-Market On 1 Billion Share Sale Plan Lululemon Drops 5 in Extended Trading After Quarterly Results Miss Twitter Removes Accounts Linked To China, Russia, Turkey Due To Information Manipulation 