Miele Reports High Growth
Sep 15, 2008
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Appliance maker Miele reported its highest turnover ever in the 2007/2008 business year, which ended on June 30. The company said that turnover in the period increased 2.5% to €2.81 billion (approx. US $3.9 billion) compared with €2.74 billion ($3.8 billion) the previous year. The company said it invested €182 million ($258 million) in the past business year, compared with €177 million ($250 million) in the previous year.

Foreign sales (outside of Germany) grew by almost 5% to €2.04 billion ($2.84 billion), compared with €1.95 billion ($2.76 billion) in the previous year. Consequently, Miele’s foreign turnover share grew from 72% to 73%. The largest percentage growth came from Eastern Europe, where Miele subsidiaries in Russia, the Czech Republic, Poland, the Ukraine, Croatia, Hungary, Slovakia, and Slovenia, reported two-digit growth. Miele’s subsidiary in the United States achieved double-digit growth even in dollars during the 2007/2008 business year, it said.

Within Europe, Miele achieved high double-digit sales growth in the north and the south, with strong sales in Turkey, followed by Norway, Finland, Denmark, and Ireland.

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