TTI Sets Profit, Sales Records for 2012

HONG KONG-TTI, parent company of the Hoover and Dirt Devil floor-care brands, delivered a record-breaking financial performance in 2012.

Net income reached $202 million, up 32.2 percent from 2011. Net sales rose 5.1 percent to $3.9 billion, which the company said in a statement was driven by organic growth in all geographic regions.

In addition, TTI's gross margin rose for the fourth straight year, picking up 90 basis points to 33.5 percent, thanks to productivity gains in its operations, new product introductions and growth in its industrial power-tools business. Decreased interest expense due to the reduction in debt also helped the bottom line.

Horst Pudwill, TTI's chairman, said, "Our disciplined implementation of the TTI strategic plan is yielding outstanding results across all of our business units and geographic areas. I am particularly pleased with the tremendous progress made in new product development and our excellent productivity gains, which are the catalysts for sales and profit growth."

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.

Videos

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

    HFN's DIGITAL EDITION

    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.


    ALSO IN THIS ISSUE:

    • 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