Groupe SEB Net Rises in 2011 First Half
ECULLY CEDEX, France--Net income for Groupe SEB increased 4.5 percent in euros and 8.3 percent in dollars, totaling $130.6 million (using the average exchange rate of euros into dollars for the period).
The housewares giant accomplished the better bottom line largely on the strength of a sales gain of 10.6 percent in euros and 14.7 in dollars, to $2.4 billion. Sales growth was nearly 12 percent in the first quarter, but slowed to a 5.4 percent increase in the second quarter, reflecting a braking in demand in several countries. Sales in North America rose 2 percent in the first six months of the year.
Because of high levels of promotional activity, Groupe SEB's growth margin dropped 178 basis points. The company did not break out selling, general and administrative expenses, but operating income gained 7.2 percent in euros and 11.3 percent in dollars.
Based on its first half, Groupe SEB said it is on track toward "achieving...solid revenue growth and improved operating margin, in value terms, in 2011."