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
Category Archives: Financial
Electrolux new UK general manager
Electrolux UK and Ireland has announced it has appointed a new General Manager; Sara Erman starts the role having worked across a variety of roles within the company she takes over from Luke Harding, who has been promoted into a Vice President role within the European business
GE Tennessee investment
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
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
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
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.
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.”
World Appliance sales
Large appliances sales are pivotal to the homeappliance sector with 282 million units sold worldwide in 2022 🌍👇
China 🇨🇳: 108.3M
Europe 🇪🇺: 83.6M
North America 🇺🇸: 64.1M
South Africa 🇿🇦: 2.6M
South Korea 🇰🇷: 10M
Russia 🇷🇺: 13.5M
Haier offices in Noida, Mumbai and Pune search
The Indian Income Tax department is conducting has launched raids at the offices of the Chinese home appliance company Haier on Friday. The raids were being carried out at the premises of the company in Delhi, Mumbai, Noida, Pune and a few other locations.
Swan UK takeover
Sutton Venture Group (SVG) has become the sole shareholder of Swan Products Limited, a small domestic appliances and housewares brand with a strong British heritage dating back to the 1920s.
Swan will be integrated into SVG’s trading division RKW, where it will benefit from the group’s centralised services and global infrastructure.
SVG Chairman Rob Sutton commented, “I am delighted to welcome Swan into the RKW family of Great British brands. RKW has been a key partner for Swan and the acquisition fits perfectly with our strategy of building British brands into major Global players through our international network of supply partners and customers.”
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