Groupe SEB Reports Mixed Q3 Results
Oct 13, 2004
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European appliance maker Groupe SEB reported that consolidated sales were 1.5 billion euros (approx. U.S. $1.8 billion) for the 9-month period ended Sept. 30, 2004. This included a first-time contribution of 16.8 million euros (approx. $20.5 million euros) from All-Clad, consolidated over 2 months.

The small appliance maker said that in the 9-month period sales contrasted depending on the period, region, and business. Despite an overall decrease in sales, the company said several positive indicators were apparent in the third quarter.

Groupe SEB reported that sales in France totaled 402 million euros (approx $492 million) and were driven by strong a product momentum of its Aquaspeed iron. Other products that experienced a strong performance were the Snack Oleoclean fryer, the Masterchef Delicio food processor, and the R2 and Artec 2 vacuum cleaners.

In other countries of the EU, the company said overall sales declined 3.5 percent to 469 million euros (approx. $575 euros), mainly due to problems in Italy, where the first-half slowdown continued. Additionally, Germany experienced poor sales in September and retailers postponed marketing initiatives. Despite the slowdown in Italy and Germany, sales increased in the UK, Spain, and Portugal.

In North America, Groupe SEB said sales were 198 million euros (approx. $243 million) and sales in Canada and Mexico remained stable. Sales in the U.S. were affected by postponed orders from T-Fal and Krups. However, the new Krups product line-up began in September and has received a positive consumer response. The company's Rowenta brand has maintained both its sales and market share in the U.S. as well.

The company said that sales in South America increased in nearly all countries to reach 91 million euros (approx. $112 million). In Brazil, growth was driven by the overall economic improvement and the success of new products. Groupe SEB said that product development continued in other regions, including Turkey, Hong Kong, Taiwan, and Australia. Sales in these regions totaled 382 million euros (approx. $468 million).

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