Groupe SEB Third-Quarter Revenue Rises 19 Percent
ECULLY CEDEX, France-Fueled by rising demand in emerging economies, Groupe SEB was able to overcome weakness in other major markets to post a 19 percent increase, on a dollar basis, in revenue in the third quarter.
The company's sales totaled $1.3 billion worldwide in the quarter (using average currency conversion rates of the euro to the dollar for the quarter), which ended on Sept. 30. Most of the gains occurred in South America--thanks to a contribution by Imusa, which Groupe SEB acquired earlier this year--and the Asia-Pacific region, where the company reported strong demand in all of its host markets. Among product categories, small electrics were a star performer in this region, Groupe SEB said.
Sales in North America on a dollar basis totaled $140.6 million, roughly flat with the third quarter of last year. Groupe SEB said consumer spending fell sharply in the United States. Cookware proved to be a challenging category due to price competition, but this was offset by stronger sales in the Rowenta brand of garment-care products and the Krups brand of small electrics. Imusa USA also contributed revenue to this region.