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In business year 2002/2003, ending June 30, 2003, the family-owned Miele Company continued building on its worldwide reputation as a premium brand of domestic appliances. Miele, based in Gutersloh, Germany, says this confirms its company philosophy of developing and manufacturing domestic appliances with an expected lifetime of at least 20 years.
According to Rudolf Miele, "With worldwide sales of washing machines, tumble dryers, and vacuum cleaners, as well as in particular kitchen appliances, we were able to rely on stable purchasing potential. The most demanding customers on all five continents decided on the Miele brand."
Miele said it was affected by the generally weak economy in Germany. In particular, the German building recession impacted the German domestic appliance industry, while the purchasing reluctance of German consumers caused Miele to record a slight drop in total turnover.
Turnover for business year 2002/2003 fell 2.5 percent to EUR 2.19 billion, compared to EURÂ 2.24Â billion (U.S. $2.44 billion) in the previous year. Miele Group notes that, had exchange rates against the euro been unchanged, the Group's turnover would have almost reached the level of the previous year.
In line with other domestic appliance producers, Miele recorded negative growth in turnover in Germany, where it saw a reduction of 10.9 percent.
Outside Germany, Miele expanded by 2.6 percent to EUR 1.42 billion (U.S. $1.55 billion). This growth would have been more positive if not for exchange rate currency calculation losses made in some countries. Miele says it has taken measures to protect itself against the effects of exchange rate variations.
Good development outside Germany, in Europe and elsewhere, led to an increase in Miele export turnover.
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