ECULLY, France — Groupe SEB reported on Wednesday 24th, 2024, its first-half 2024 sales and financial data. In the first half of 2024, Groupe SEB generated sales of €3,740m, up 6.5% LFL (+3.6% on a reported basis) versus 2023. Currency fluctuations had a negative impact of €127m on first-half sales, with a lesser effect in the second quarter (-€52m vs -€75m in the first quarter).
Following first-quarter organic sales growth of 7.3%, the Group posted further organic sales growth in the second quarter of 5.6%, representing an increase of €101m. This was the fifth consecutive quarter where organic growth exceeded 5%.
The Consumer business posted half-year sales of €3,246m, an increase of 5.9% LFL and 2.2% on a reported basis. There was virtually no difference in sales growth between the first and second quarters, which recorded LFL growth of +5.8% and +5.9% respectively. This good performance was driven by Europe (+8.6% LFL) and the Americas (+12.9% LFL). Sales in Asia were resilient in the first half of the year in a depressed market environment.
The Group continued to gain market share over the first half of the year, thanks to product innovation, in flagship categories such as oil-less fryers, versatile vacuum cleaners, cookware, linen care and full auto coffee machines.
Markets outside of Asia were generally well oriented over the half-year. However, the situation changed during the second quarter in some regions, marked by a softening in consumption or slightly less favorable macroeconomic conditions.
Sales in the Professional business rose 10.9% LFL (+13.8% on a reported basis) based on high comps, having been favorably impacted by the phasing of large deals, most notably in China. This trend was also supported by a solid core business in Coffee in Germany. The Group continued to expand and strengthen its foothold in new geographies and new customer segments.
This business encompasses Professional Coffee, which accounts for more than 90% of sales (including the WMF, Schaerer, Wilbur Curtis and La San Marco brands), hotel equipment, Krampouz, Zummo and Pacojet.
Growth in the Professional business slowed at the end of the semester based on higher comps, due to the rollout of large deals in 2023. The effect is expected to be more pronounced in the second half of the year.
During the half-year, the Group continued its expansion into the professional and semi-professional culinary markets with the acquisition of the Sofilac Group, which owns the Charvet (high-end professional cooking appliances) and Lacanche (high-end cooking ranges) brands.
