Groupe SEB's preliminary 2013 sales were €4,161 million, up 2.5% from 2012 and up 5.4% on a comparable basis (at constant scope of consolidation and exchange rates). SEB called the results satisfactory and came despite a difficult operating environment.
Revenue in euros was heavily impacted by a negative currency effect of €116 million, with €106 million coming in the second half of 2013.
Organic growth was firm in 2013, with a sharp second-half rebound. Third quarter like-for-like revenues were up 10% on low prior-year comparatives. The group characterized fourth quarter sales as buoyant, with organic growth at 5.1%. Performance was, however, mixed across regions and product lines.
SEB revenue was down in France, but report an "excellent year" in other Western EU countries in 2013, despite the a "generally dull" economic environment and uneven markets for small appliances.
In the United States, SEB reported growth driven by growth from linen care appliances, including Rowenta and T-fal appliances. Also strong were All-Clad brand waffle makers and slow-cookers. The Optigrill smart grill was launched in the U.S. in September and produced encouraging early results. Full-year sales were down in Mexico; it reported good overall performance in Canada.
SEB appliance sales were strong enough to offset a decline in cookware sales in South America and give the company overall organic growth in the region in 2013. This came despite economic uncertainty and social unrest in Brazil.
Supor brand's expansion efforts helped increase SEB market share in China. The company reported organic growth in Japan, despite a fall in the yen, which remains unstable into 2014.
A slowdown in Russia's economy and a decline in the currency hurt SB results there. Tensions in Turkey negatively impacted SEB results in the market.
Full-year 2013 revenue was up significantly in Central Europe at constant exchange rates.
Demand was robust in Saudi Arabia and the United Arab Emirates. It was also strong in Egypt, where sales are conducted through a joint venture.
Unfavorable exchange rates hurt the Group’s profitability as well as revenue in 2013, but the group said it expects its Operating Result from Activity for full-year 2013 to be close to the reported 2012 figure.
Back to Breaking News