German home appliance maker Miele reported sales of 2.26 billion euros (U.S. $2.76 billion) during fiscal year 2004/2005, marking a 5.2-percent turnover increase. This compares with sales of 2.15 billion euros in the previous reporting period. Miele said it achieved the increase despite fierce international competition and a general downturn in appliance demand in Germany and other Western European countries.
Board Director Horst Schübel, responsible for finance and controlling at Miele, said that, "Innovative products carefully aimed at servicing the needs of consumers, numerous product improvements and new model ranges are behind sales growth both in Germany and abroad."
In the new financial year, Miele anticipates "similar growth rates," Schübel said.
With the recent opening of sales companies in Dubai and Korea, Miele is now represented on all five continents by 36 wholly owned subsidiaries, and by importers in 120 more countries. Miele says this makes it the only truly global premium domestic appliance brand.
Miele reported growth rates well above the appliance industry average in several countries. In Germany, the OEM says the appliance industry performed poorly, showing a five percent decrease in sales. Miele, on the other hand, achieved turnover growth of 1.9 percent in Germany.
Outside Germany, sales increased to 1.56 billion euros ($1.90 billion) from the previous year's 1.46 euros ($1.79 billion), representing growth of 6.8 percent. The largest proportion of the company's sales outside Germany is in the Netherlands, followed by Switzerland, France, the UK, the U.S., Austria, Belgium, Australia, and Italy.
Double-digit growth was recorded by Miele subsidiaries in:
Scandinavia, particularly in Denmark, Norway, and Sweden
Eastern Europe, notably Russia, Poland and Hungary
Miele achieved high turnover and unit sales in all product divisions. Domestic appliance sales increased globally by almost six percent. Kitchen cabinetry increased turnover more than seven percent and the commercial business showed turnover growth of five percent.
to Daily News