ECULLY, France— Groupe SEB generated sales of €8,006m in 2023, up 0.6% (i.e. €46m) as reported. Organic growth was of a good level at 5.3%, i.e. +€420m. It was counterbalanced by a negative currency effect of the same magnitude, resulting from the depreciation of a number of currencies against the euro (in particular, the Chinese yuan).
The revenue also includes a limited scope effect linked to the integration of the acquired companies, Zummo, La San Marco and Pacojet.
In a generally unfavorable macro-economic environment, this performance is very satisfactory. It is in line with the Group’s objective of achieving mid-single digit organic sales growth in 2023, reflecting a return to growth for the Consumer business and strong sales growth for the Professional business.
Over 2023, Consumer sales reached €7,045m, up 3.2% LFL from 2022. The fourth quarter saw organic growth of 7.7%, compared with 5.5% in the third quarter and 5.2% in the second quarter.
Hence, the Group was back on a good LFL growth trajectory in 2023 in a resilient Small Domestic Equipment market, despite an uncertain macro-economic environment.
This positive performance was fueled by the continued development dynamic based on innovation, a constantly enhanced offering, the roll-out of flagship products in the company’s markets, and an efficient sales execution.
In terms of products, the growth was notably driven by linen care, versatile vacuum cleaners, fans, oil-less fryers, rice cookers, kettles, full-automatic coffee machines and cookware (in particular the Ingenio range).
Sales generated by the Professional business amounted €962m in 2023, up 26.5% LFL from 2022, driven by the continued growth of the Professional Coffee business across all major geographies, including in China, the United States, the United Kingdom and the DACH region (Germany, Austria and Switzerland). It was fueled by the roll-out of large contracts and by dynamic core business activity.
Groupe SEB ‘s organic growth in the fourth quarter was +8.5% with:
- sales increase of 7.7% LFL in the Consumer business, in all regions, with, in particular, a significant improvement in Western Europe (+6.1%), continued buoyant momentum in other EMEA countries (+21.7%) and growth in business activity in China (+3.3%);
- sustained excellent dynamic in the Professional business (+16.2%), despite demanding comparison base.
The Group’s Professional business continued its excellent trajectory,
generating organic sales growth of 16.2% in the fourth quarter, despite more demanding comparison base. 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.
In 2023, revenue from the Professional business was €962m, up 26.5% LFL from the previous year.
This outstanding performance was mainly due to record sales of both machines and services in Professional Coffee, achieved in the Group’s main markets (China, the United States, Germany and the United Kingdom).
Sales of machines relied on an ever broader and more diversified client portfolio, supporting sales recurrence, and on the roll-out of major contracts with key customers such as Luckin Coffee in China, Greggs in the United Kingdom and QuikTrip in the United States.
The continuous development of services and their digital dimension are improving the attractiveness of the Group’s offering and contributing to its strong revenue growth.
In 2023, Groupe SEB also made significant progress in developing its Professional strategy. The acquisition of La San Marco broadens the Group’s product offering into traditional coffee machines, while the acquisition of Pacojet strengthens the Group’s presence in professional kitchens.
