iRobot Corp., maker of home robot appliances and defense/security robots, saw Home Robot domestic revenues grew 40% year-over-year. The company credited a Q2 advertising campaign intended to reach the target customer - modern professional.
International Home Robot revenues grew more than 55% in Q2 over 2Q 2011. EMEA (Europe, the Middle East and Africa) revenue grew 42% in the second quarter over last year. Western Europe, which comprised approximately 30% of Home Robot revenue, grew 40%.
The growth spurred iRobot to increase its full-year expectation for the Home Robot business unit.
The company said its Home Robot product returns have improved as the result of investment in product quality. In the second quarter the company adjusted its accrual rates for Home Robot product returns, which benefited revenue and earnings.
iRobot management now expects full-year 2012 Home Robot revenue of $365 - $375 million (up from its previous expectation of $345 - $355 million).
"Our second-quarter performance was very good given the challenging environment," said Colin Angle, chairman and chief executive officer of iRobot. "Strong growth in both our international and U.S. markets drove a 50% year-over-year increase in Home Robot revenue. Our steadily increasing Home Robot global reach is enabling us to substantially offset the continuing impact of U.S. government funding on our Defense & Security business and to remain on track to meet our revenue and increase our profit expectations for fiscal year 2012."
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