For 2018 to date.
Shriro has reported an 11% decline in sales of kitchen appliances for the first four months of the company’s financial year, with some margin compression.
Whilst the first half of the financial year is the company’s seasonally low period, demand so far has been subdued in the kitchen appliances market segment and price competition is intense, Shriro said.
However, sales in Shriro consumer products are above last year, attributed to increases in timepieces and other Casio products and initial overseas sales of ‘everdure by Heston blumenthal barbecues’. As previously foreshadowed, a number of marketing costs associated with barbecues and other longer term product initiatives have been incurred and will continue through the remainder of the year.
Shriro has warned that trading EBITDA for the six months to June is likely to be down around 15% compared with the previous year. However, due to higher R&D claims and timing differences, NPAT for this period is expected to be in line with the previous year.
“There are encouraging early signs that market acceptance of the new barbecues in USA is strong and that possibly increased shipments will be made prior to the end of this calendar year, assisted by the marketing initiatives underway and planned,” the company said in a statement to the ASX.
“Given the company’s seasonality however, it is too early to forecast the full year’s result although the current market environment for kitchen appliances is expected to continue.”