France-based small appliance maker Groupe SEB said today that provisional 2006 sales, measured for the first 6 month of 2006, remained solid, rising 8.4 percent at current exchange rates and 7.5 percent at constant exchange rates.
The 1, 729.2 million euros (approximately U.S. $2,169 million) in revenue reported for the period includes the aggregate 44 million-euro (U.S. $55 million) additional contribution from Lagostina and Panex, acquired last year and consolidated respectively, for four months and five months longer than in the first 9 months of 2005, and from Mirro WearEver, consolidated in 2006 for one and a half months. In addition, the positive currency effect, which amounted to 23 million euros (U.S. $29 million) in the first half decreased sharply to 13 million euros (U.S. $16 million), as the unfavorable second-quarter trend carried over into the third quarter. At constant scope of consolidation and exchange rates, revenue was up an organic 4.8 percent for the 9 months.
This performance, which is almost in line with the first half, reflects the expected and previously announced modest slowdown in third-quarter growth, in light of high prior-year comparatives. Third-quarter sales continued to trend upwards, however increasing by an organic 3 percent. Growth was led by an upswing in France, firm demands in South America and continued strong momentum in international markets. In the 15-nation EU market, business remained difficult and varied, while sales slowed somewhat in North America.
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