The small household appliances market is doing better than that of large household appliances and the figures published by Groupe Seb confirm this trend. The French leader announces sales of €1,893 million for the first quarter of 2024, an organic increase of 7.3the first quarter, Groupe Seb achieved sales of €1,893 million, an organic* increase of 7.3% and 3.9% based on published data. The currency effect remains penalizing over these first 3 months with a negative impact of €75 million, or -4% of sales, but this trend should ease over the months. The scope effect has a positive impact of 0.7% or €13 million. The latter includes the consolidation of La San Marco, Pacojet and Forge Adour.
Category Archives: Financial
Gree Electric Appliances: Net Profit Reaches 29.017 CNY Billion in 2023,
Gree Electric Appliances disclosed its annual report for 2023. The report reveals that in 2023, Gree Electric Appliances achieved an operating income of CNY 203.979 billion, a year-on-year increase of 7.93%. The net profit attributable to the shareholders of the listed company reached CNY 29.017 billion, marking an 18.41% increase from the previous year Furthermore, during the reporting period, Gree Electric Appliances’ products were sold to more than 190 countries and regions, with overseas business achieving operating income of CNY 24.904 billion, and the proportion of independent brands accounting for nearly 70%, an 8% increase year-on-year.
Midea reports 10 pct revenue increase in Q1
Chinese home appliance giant Midea Group saw its revenue rise 10 percent year on year to 106.5 billion yuan (about 14.99 billion U.S. dollars) in the first quarter of 2024, the company said on Monday.
It was its highest quarterly revenue since the second quarter of last year, when it raked in 101.2 billion yuan, Midea said in a quarterly report.
The company raked in 9 billion yuan in net profit attributable to shareholders in the January-March period, up 12 percent year on year, it noted.
Midea has been expanding its new overseas channels and markets, and advancing its localized services. In the first quarter of 2024, the company’s overseas e-commerce retail sales increased by approximately 60 percent year on year
Jonas Samuelson will leave the position as President & CEO of Electrolux Group on January 1, 2025
After more than eight years as CEO and 16 years in the Group management team, Electrolux Group President & CEO Jonas Samuelson has today informed the Board of Directors that he will leave his position and the Board on January 1, 2025. The Board will now initiate a recruitment process for a successor
Whirlpool job cuts
Whirlpool Corp., the owner of the Maytag and Amana appliance brands, is cutting about 1,000 salaried positions worldwide to reduce costs as slow U.S. home sales limit demand.
The company has completed its first wave of layoffs of office staff and is planning to start another soon, Chief Financial Officer Jim Peters said in an interview. Earlier this year, the company said it was cutting jobs without saying how many. Whirlpool employed 59,000 workers worldwide as of the end of 2023.Shares of Whirlpool fell to their lowest price in more than four years
LG Announced First-Quarter 2024 Financials
LG announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company’s home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins.
Groupe SEB Saudi Arabia
Groupe SEB announces the strengthening of its presence in Saudi Arabia with the acquisition of a 55% stake in its Saudi distributor – Alesayi Household Appliances Co. LLC – a subsidiary of Alesayi Holding Group that exclusively sells the Groupe SEB’s Consumer products on a local basis since 2009. This partnership aims to unlock future growth opportunities in the Saudi market through the local expertise of Alesayi Holding
Arçelik increased profits by 20% in 2003
Arçelik managed to counteract the weakness of exports thanks to a boom in sales on the domestic market. The result was a stable turnover of 257 billion Turkish liras (7.3 billion euros).
The strength of internal demand (also stimulated by inflation which suggested consumers to ‘invest’ in household appliances and probably also the decline in the Turkish lira, which fell from 5 to 3 euro cents during the year, made it possible to increase margins. The result is a 20% increase in net profits from 7 to 8.4 billion Turkish lira (240 million euros at the current exchange rate).
Commenting on the results obtained in Europe, Hakan Bulgurlu , CEO of what today with the acquisition of Whirlpool EMEA is the world’s second largest appliance manufacturer by volume, claims to have strengthened its presence in European built-in appliances
Currys sales slide
Currys saw sales drop over the key Christmas period as supply issues left the retailer short of stock for some popular tech products.
The company said demand for some tech was “strong”, such as games consoles and virtual reality consoles which “flew off the shelves”.
However, Alex Baldock, group chief executive, said the firm “would want more” stock of consoles including the PS5 and Apple technology products as supply was impacted by global chip shortages.Currys reported that like-for-like group sales dropped by 5% for the 10 weeks to January 8 compared with the same period last year, but were 4% above pre-pandemic levels.
The company said sales in the UK and Ireland were 6% lower than during the same period a year earlier.Currys said it expects to post adjusted pre-tax profits of £155 million for the current financial year as a result of the performance.
The retailer also launched a £75 million programme of purchasing shares back from shareholders on Friday.
Arçelik Completes Acquisition of Whirlpool’s Moroccan and UAE Subsidiaries
Arçelik, consumer brand Beko’s parent company, completes acquisition of Whirlpool’s MENA operations, marking a significant milestone in its growth strategyThrough this transaction, Arçelik now owns Whirlpool’s UAE and Morocco entities and manages Whirlpool’s MDA business operations in the MENA region
By combining its deep industry expertise with Whirlpool’s invaluable know-how, regional infrastructure and market presence, Arçelik will work to solidify and expand its footprint in the region
The brands we will offer in the MENA market through such acquisition are Whirlpool, Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht, Privileg and Ignis
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