Category Archives: Financial

Appliance Snapshot 🌍

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🔹 Electrolux:
* Q2 Revenue: -3% YoY
* Major challenges: Inflation, interest hikes, geopolitics
* Regional dips: Europe -10%, APAC & MEA -12%
🔹 Whirlpool:
* H1 Revenue: $9.4B (YoY -5.8%)
* Q2 Regional Growth: Latin America +4%, North America -5%
🔹 Samsung:
* H1 Revenue: KRW 123.8T (YoY -20%)
* Highlight: VD/DA segment growth & efficient cost management in white goods
🔹 LG Electronics:
* H1 Revenue: KRW 40.4T
* Q2 Trends: Stable H&A, B2B sales slowing

SharkNinja Reports Second Quarter 2023 Results

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Highlights for the Second Quarter 2023 as compared to the Second Quarter 2022

Net sales increased 22.1% to $950.3 million and Adjusted net Sales increased 19.7%, both driven by strong sales of recently launched products in the outdoor cooking and beauty categories.
Gross margin and Adjusted Gross Margin increased 430 and 370 basis points, respectively, as we benefited from cost tailwinds including inbound freight costs.
Net income decreased 27.6% to $11.9 million. Adjusted Net Income increased 40.4% to $65.2 million.
Adjusted EBITDA increased 40.0% to $113.6 million, or 12.5% of Adjusted Net Sales Cleaning Appliances net sales increased by $2.6 million, or 0.6%, to $413.8 million, compared to $411.2 million in the prior year quarter, driven by growth in the multi-floorcare sub-category and by new product innovation. This increase was partially offset by softness in the North America market, specifically in corded vacuums as consumers shifted towards cordless.
Cooking and Beverage Appliances net sales increased by $139.0 million, or 68.1%, to $343.1 million, compared to $204.0 million in the prior year quarter. This increase was driven by growth in Europe, specifically in the United Kingdom, where we further strengthened our leading market position. Our global growth was also supported by the full quarter of sales of our outdoor grill that launched in the second half of 2022, which continues to perform well across the US and European markets.
Food Preparation Appliances net sales increased by $5.7 million, or 4.1%, to $143.4 million, compared to $137.7 million in the prior year quarter driven by strong sales from our ice cream makers.
Other net sales increased by $24.8 million, or 98.3%, to $50.0 million, compared to $25.3 million in the prior year quarter. This increase was driven by continued strength of the Shark FlexStyle, our new product launch in the beauty category at the end of 2022.

Mediamarkt grows +7.4% in the first 9 months

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Ceconomy , the financial company that controls the Mediamarkt Saturn brand, has published the data relating to its third quarter (April-June) in which it sold 4.52 billion in its 1,026 stores with 43,000 collaborators and 2.5 million square meters of surface area of sale.

The weakness of the German and Eastern European markets meant that the figure was 2.8% lower than that of the third quarter of 2022 but considering the first 9 months of the year, the increase is 2.2%, which becomes 7.4% on a like-for-like basis and at hedged exchange rates.Great satisfaction comes from online sales which have increased by 41% in one year and now represent 21% of sales, reaching almost one billion euros in the quarter. In its Marketplace Mediamarkt offers, in addition to its assortment, the products of a thousand third-party companiesThe weak point of the group, which belongs to the same reference shareholders as Metro , is profitability. Gross margin has not changed at 17.6%, but net margin is 1%. An improvement comes from the cash flow which improved thanks to the reduction in inventory which was 3.38 billion at the end of June 2022 and 2.9 billion in the middle of this year, i.e. from 10.5 to 9.4 weeks of sales. Between now and 2026-27 Mediamarkt has undertaken to increase the share of private label products sold from 2.3 to 5%, to increase its already considerable online market share to 30% (currently 25%) and to bring from 24 to 50 million loyalty card holders.
Mediamrkt also expects growth in profits from the rental of branded space in its stores and from retail media, i.e. the sale to brands and third parties of space on its e-commerce platforms, which should go from the 5 million euro last year to 45 million

GE Tennessee investment

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GE appliance announce a new $34 million investment in Tennessee that strengthens their American manufacturing operations and creates more good jobs — making GE Appliances and our Monogram Refrigeration facility the largest industrial employer in McNairy County.

With this investment, GE appliance add 150 new jobs and enhance our production facility with the additional space and equipment needed to build the Monogram® and Café™ brand integrated bottom-freezer refrigerators.

Ultimate Products reveals record revenues and earnings, driven by online surge

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In an unaudited trading update for the year to July 31, 2023, today, the company, which owns a number of homeware brands including Salter and Beldray, unveiled an eight per cent boost in turnover and earnings before interest, tax depreciation and amortisation (EBITDA).

Sales hit £166.3m, up from £154.2m the previous year, while unaudited adjusted EBITDA was £20.2m, compared with £18.8m in 2022, which was in line with market expectations of £20.1m.

Unaudited pre-tax profits of £16.8m, up six per cent, were also in line with market expectations of £16.8m.

The group said it experienced exceptional growth in its online division, where revenues were up 64% year-on-year, together with an improved sales mix.

Revenue growth in the period was achieved with no overall price inflation helping to keep the group’s branded homeware products at prices which are attractive and affordable to consumers. Growth accelerated as the year progressed with second half revenues increasing 15% year-on-year.

At the year end, the group had a net bank debt of £14.8m, down from £24.3m in 2022, which represents a net bank debt/adjusted EBITDA ratio of 0.7x (FY22: 1.3x).

As announced on July 17, 2023, the improved net debt performance is due to ongoing improvements in working capital management and the phasing of trading during the second half of the year.

Current trading for fiscal year 2024 is in line with market expectations

Midea could acquire Zanussi and its activities in Egypt

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According to Egyptian media Midea Group is considering the acquisition of Zanussi brand from Electrolux Group . The acquisition deal is expected to be finalized by the fourth quarter of 2023.

In July, the Swedish giant had appointed Societè Generale to handle the sale of the Zanussi, Ideal, Faure, Zanker, Rosenlew, Elektro-Helios, Zoppas, Olympic Electric and Kwikot brands and activities in Africa and the Middle East.

Electrolux’s activities in Egypt became relevant in 2011 with the acquisition of Egyptian Olympic Group, the largest white goods manufacturer based in the Middle East. Electrolux employs 2,238 people in Egypt.

Whirlpool India

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Whirlpool of India Ltd reported a 10.6% drop in first-quarter profit on Monday, impacted by softer demand.
consolidated net profit for the three months ended June 30 fell to 748.8 million rupees ($9.05 million) from 837.3 million rupees a year earlier.

Revenue fell 2% to 20.39 billion rupees, hurting the company’s operating profit metrics.

SharkNinja begins trading on the New York Stock Exchange.

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SharkNinja has officially joined the New York Stock Exchange (NYSE) as a standalone U.S. publicly traded company.

In a statement released by SharkNinja, President and CEO Mark Barrocas stated the following:
“Our success lies in understanding our consumers’ needs and rapidly developing innovative products to exceed their expectations. This approach has enabled us to build two billion-dollar brands, Shark and Ninja, by establishing leadership positions across numerous household product categories. Myself, the management team, and our associates around the world are all very excited that SharkNinja, headquartered in Boston, is now a public company listed on the New York Stock Exchange.”