TTI Net Profit Jumps 73 Percent in First Half

HONG KONG-Net profit for Techtronic Industries (TTI), parent company of the Hoover and Dirt Devil floor-care brands, reached $80 million in net income in the first half, up 73 percent over the first half of last year.

The company achieved this on the back of a gain in sales of 11 percent, totaling $1.8 billion. This increase included a pickup of 10.4 percent in sales for the Floor Care and Appliance business unit, which TTI attributed to "the continuation of product innovation under the Hoover, Dirt Devil and Vax brands." Also, the company's North American sales achieved high single-digit growth, TTI said.

Data on selling, general and administrative expenses and gross margin were not broken out in a TTI statement, but the company said it achieved "continuous gross-margin improvement" in the first half. In addition, operating income rose by 20 percent to $170 million.

Horst Pudwill, TTI's chairman, said, "We enter the second half with strong momentum across our businesses and are firmly positioned to build on the positive results of the first half."

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue


    May 2017

    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money