ECULLY, France— Groupe SEB reported yesterday 1H sales and results. In the first half of 2023, Groupe SEB generated sales of €3,612m, up 1.3% LFL (-1.5% on a reported basis) vs 2022. After a negative start to the year with Q1 sales down -3.7% LFL, the Group delivered solid organic revenue growth in Q2 (+6.8% LFL) in a global macro environment that remained challenging.
This positive performance was driven by:
- the continued buoyant dynamic in the Professional segment (up 21% LFL in Q2) which benefited from favorable business trends across the Group’s major markets
- and the return to positive revenue growth in the Consumer segment (up 5.2% LFL in Q2) thanks to a sequential improvement (Q2 vs Q1) in all its key markets and a more favorable comparable base (after 5 consecutive quarters against high comps)
The 1.5% decrease in Group reported turnover in the first half (-€54m) includes a 1.3% organic increase (€47m), a currency effect of -3.3% (-€121m) mainly from the Chinese Yuan and emerging currencies, and a scope effect of +0.5% (€20m) related to the acquisition of Zummo in July 2022 and La San Marco in February 2023.
The Consumer business posted sales of €3,177m, down 1.0% LFL (-4.7% on a reported basis) in the first half of 2023. After a first quarter with sales down 6.6% on a LFL basis, the Group delivered a significant improvement of its revenue in the second quarter, up 5.2% LFL.
This positive performance was achieved in a challenging environment with mixed market dynamics across the globe and high inflation impacting consumer sentiment.
Nonetheless, The Group delivered positive revenue growth in several of its core markets, such as Western Europe and China, and was able to defend its leading market positions.
In line with the Group’s 2022 performance, the Professional business made an excellent start to 2023 by posting growth of 25% LFL in the first half reaching revenue of €435 million. Groupe SEB’s professional brands include the WMF, Schaerer, Wilbur Curtis and la San Marco coffee machine manufacturers.
Professional delivered another strong revenue progression in the second quarter (+21% LFL) after a stellar performance in Q1 (+29%). This sales dynamic reflected a strong momentum across all key markets in professional coffee machines (PCM), with China achieving the highest growth thanks to good momentum in large deals.
Beyond the Chinese buoyant progress, key markets such as Germany, the UK and the US markedly nurtured revenue development in PCM. The performance in Q2 relied on the same healthy mix as in Q1 between large deals and core business (machine sales and services).
Groupe Seb confirmed its leadership and its strong development ambitions in the professional segment with two acquisitions, La San Marco in February and Pacojet in May.
La San Marco is the recognized leader in the espresso machine with traditional lever system and this iconic Italian manufacturer will enrich the Group’s existing product offering. In 2022, La San Marco generated €20m in revenue.
Pacojet is a Swiss family-owned company specializing in the development and marketing of a revolutionary culinary appliance that has been a favorite of chefs for thirty years. Founded in 1992, Pacojet has developed a unique emulsifier that can make ice creams, sorbets, sauces, mousses, fillings, purées and much more in less than 90 seconds. In 2022, Pacojet generated €24m in revenue.
