De'Longhi S.p.A. revenues were up 0.9% to [euro]320.5 million (approx US$422 million). Net profit was [euro]18.9 million, compared to [euro]22.7 million in 1Q 2012.
De'Longhi is a small-appliance and comfort conditioning appliance maker, headquartered in Treviso, Italy.
"The first quarter of 2013 was characterized by a weak sales performance and by an improvement in operating margins driven by a positive price/mix effect," said the company's CEO, Dr. Fabio de' Longhi. "We think that also for the next quarters of 2013 we will continue to perform in line with our internal growth and profitability targets".
The company saw its market in Europe move slightly positive, with growth in Germany, Benelux, and Scandinavia. This growth more than compensated for decreases in the markets in Russia, the UK, Italy, and some other markets. The MEIA (Middle East, India and Africa) region saw strong growth. The comfort business in the APA (Asia, Pacific, America) region was down (primarily in the United States and Japan).
The first quarter of 2013 saw the company finalized the change to its organizational structure following its 2012 investments, mainly related to the acquisition of the Braun Household business and to the startup of a new plant in Romania.
As of Jan 1, 2013, the Braun Household business was consolidated into the De'Longhi Group accounts. The business comes to De'Longhi from Proctor & Gamble and encompasses small kitchen appliances, irons, and other small household appliances.
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