The small household appliance specialist was forced to revise downwards guidance too high given the context. Fine, but the worst could be over.
In difficulty since the start of the year, a period over which it still lost nearly 45%, the SEB share benefited from the last quarterly publication, however poorly oriented it may be. Thus, over nine months, the group recorded sales of 5.56 billion euros, almost stable in published data (-0.5%), but down 4.3% on an organic basis. And also 8.1% in the latter terms in the third quarter alone.
It should be noted that all of the group’s regions posted like-for-like declines in the last quarter, with the notable exception of China, which managed to grow by 3.4% over the period. On the other hand, the EMEA zone (Europe, Middle East and Africa) fell by 13.7% and the Americas by 12.5%, handicapped by high comparison bases.
Europe in trouble, China floats
In detail, in France and Germany, which together account for more than 60% of the EMEA region, the drop in sales reached 17% over nine months. Beyond the penalizing history, the non-renewal of major loyalty programs…