Miele Reports Record Year Aug 7, 2006

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Family-owned Miele Group (Gütersloh, Germany) said it had a record year in its 2005/2006 financial year, ending June 30, 2006. Miele group turnover grew by more than 12 percent to 2.54 billion euros (approx. U.S. $3.26 billion), compared with 2.26 billion euros (approx. $2.90 billion) in the previous year.

"This represents the highest turnover ever achieved throughout the company's history," said Horst Schübel, the board member responsible for finances, controlling and administration at Miele Central Headquarters. "During the past year, Miele managed to grow sales by 280 million euros (approx. U.S. $360 million)."

The ratio of home market sales to exports has remained constant at 30 percent (Germany) and 70 percent (abroad).

Miele management expects "dynamic growth to continue apace," based on a strategy to produce sustainable expansion worldwide in all divisions of the company. Mile will focus on new products, exploiting the market potential in the 37 countries in which Miele is already represented with its own subsidiary, and on establishing new markets.

Miele said it is the only premium domestic appliance brand available on all five continents.

"Growth is coming mainly from the fact that we are an international company and have not yet fully tapped the resources in existing markets," said Dr. Reto Bazzi, responsible for sales and marketing.

Miele still sees potential in regions around the globe where the brand does not yet provide blanket sales and service coverage – areas such as South America, where Miele is investigating the feasibility of setting up new subsidiaries.

The company had its highest unit sales ever in the fiscal year, including sales of: