Groupe SEB has reported massive sales of over €3 billion for 2008, an increase of 12.6 per cent.
Despite the lackluster economy over the past year, Groupe SEB has emerged successfully with a 4.2 per cent like-for-like growth over the period.
Not too mention like-for-like sales were up 1.3 per cent for the fourth quarter of 2008, despite an obvious slowdown in sales.
The positive performance is said to stem from the consolidation of China’s Supor on January 1 2008, which contributed €311 million to revenue for the year.
Groupe SEB also gained from a sharp late-year decline in a number of currencies against the euro, therefore boosting overall profit.
Even though it has been reported that Australian sales fell dramatically in the final months of 2008, the region still had a like-for-like growth of 13 per cent for the year.
Groupe SEB stated in a report that “the overall growth was achieved in an economic environment that was generally buoyant in the first half but softened in the third quarter and deteriorated sharply thereafter.”
Groupe SEB commented that 2008 was “one of their good years,” but they have expressed concern about 2009, much like the entire market.
“The major issues we face include, the state of consumer spending, the impact of the credit crunch on customers and the changes in currencies against the euro.”