German family-owned premium appliance maker Miele reported sales were up 4% to EUR 2.95 billion in the 2010/2011 financial year ending June 30, 2011. The company also reported that its employment level remained constant at more than 16,600 people.
"In a market still proving difficult in many countries, Miele has stood its ground convincingly," said Managing Director Olaf Bartsch, the Miele board member responsible for Finances, Controlling and Administration. "The growth most recently achieved is, above all, ascribable to our large overseas markets, Germany and neighboring countries."
Miele is based in Gütersloh, Germany, and saw German turnover grow 3%, or EUR 26 million, over the previous year, to reach EUR 865 million. Germany's share of Miele's market remained almost unchanged: 29.6% in the current year versus 29.9% in the previous year.
Miele said business recovery in Scandinavian countries, previously suffering from a strong euro, also helped boost overall sales.
Miele said that, in terms of product segments, it was high-end built-in kitchen appliances that showed particularly strong growth.
The Miele board views the current 2011/2012 business year with guarded optimism.
"At the moment, the debt crisis is shaking several Eurozone countries, exacerbated by the fear of a downturn in the U.S. economy not only in the financial markets but also among consumers," said Dr. Markus Miele, one of the two Managing Directors and Co-Proprietors. "This trend first became apparent a few months ago and is likely to intensify."
Miele, however, sees strong, trustworthy brands "come into their own in economically difficult times, a truth confirmed time and time again over the years."
to Daily News