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Miele Annual Sales Up 2.2%
Aug 21, 2014
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Family-owned Miele, maker of high-end home appliances, has sales of EUR 3.22 billion in its 2013/2014 financial year ending on June 30, 2014.

Sales for the fiscal year were up EUR 69 million, or 2.2%, from the previous fiscal year.

Miele Group now has a worldwide workforce of 17,660 employees.

Miele said the fiscal year included the "largest product and innovation offensive in its history." It renewed almost its complete line of home appliances. The company said it was able to more than compensate for inclement economic conditions in key sales markets.

A stronger euro, in particular, had a restraining effect on exports. The company said turnover growth, taking currency effects into account, would have been in excess of 5%, or more than twice as high as in euros.

Still, business was "quite satisfactory," according to Olaf Bartsch, Miele Group board member responsible for finances and administration.

Miele, based in Gütersloh, had sales of EUR 978 million in its home market of Germany, equating to growth of EUR 23 million or 2.4%. Germany's share of Miele sales was up slightly to 30.6%.

Outside Germany, sales growth was 1.9%, including double-digit growth in strategically important markets such as the United States, China, and Russia—however, this growth was mostly negated by unfavorable exchange rates.

Miele's top sales markets are Germany, the United States, Switzerland, and Australia. The company saw above-average growth in Australia, but saw this transform into a double-digit decrease after conversion into euros.

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