Groupe SEB Net Rises in 2011 First Half
August 2, 2011,
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.
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."