Groupe SEB is a global leader in small household appliances, present in over 150 countries with iconic brands such as Tefal, Rowenta, and Moulinex. Since its inception, the company has distinguished itself through innovation and its ability to anticipate consumer trends, while focusing on sustainable growth and social responsibility.
H1 2024 Performance
Groupe SEB reported solid results for the first half of 2024, with sales reaching €3.74 billion, up 6.5% at constant exchange rates and 3.6% on a reported basis compared to the previous year. Operating income (ORfA) increased by 35.4%, reaching €244 million, with the operating margin improving by 1.5 points to 6.5%. Net profit stood at €100 million, marking a 31.6% increase.
Regional Challenges and Opportunities in Asia
Asia, particularly China, posed a challenge for Groupe SEB in 2024. Sales in this region dropped by 4.6%, driven by a challenging economic environment and a slowdown in consumer spending. China, one of SEB's largest markets, experienced a decline in demand for durable goods, directly impacting sales of household appliances.
However, Groupe SEB adapted by focusing on innovation and diversification, particularly in the professional and premium segments. Oil-free fryers and automatic coffee machines continued to perform well in Asia, despite the sluggish Chinese market, with secondary markets such as India and Southeast Asia showing stable demand.
The company remains cautious yet optimistic, seeking to strengthen its position in these secondary markets while adjusting its expectations for China. SEB is also exploring opportunities in innovative product niches and expanding its professional segment, as evidenced by the acquisition of Sofilac, which strengthens its presence in the professional culinary sector.
Conclusion
Groupe SEB demonstrates solid results in H1 2024 through continuous innovation and geographical diversification. Despite challenges in Asia, the company is well-positioned to meet its annual targets, with projected organic growth of around 5% and an expected operating margin close to 10% for the full year.
You will find attached to this article the presentation file for Groupe SEB.
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