The first half of 2021 closed with positive results for Groupe SEB, which reported sales of 3,610 million euro, with a growth 23.9% compared with end-June 2020. The increase includes organic growth of 26.3% (768 million euro), a currency effect of -4.3% (-125 million), and a scope effect of +1.8%. Though the increase is to be compared with a first-half 2020 that was heavily impacted by the spread of the pandemic, it also reflects solid growth relative to first-half 2019, with sales up 8.2%. Drivers of the Groupe performance are both the Consumer business and a significant rebound in Professional sales in the second quarter.
The Consumer business recorded an organic growth of 29.6% in the first six months, against weak 2020 comparatives in all regions. After a brisk start to the year (+39.1% LFL), the Group maintained robust sales momentum in the second quarter (+20.6% LFL), still driven by strong demand for small domestic equipment around the world. In this environment, promotional pressure remained moderate, ensuring a firm price-mix. E-commerce continued to be a powerful growth engine, the reopening of stores having come late in numerous countries.
«Groupe SEB posted an excellent first half, – conmented Thierry De la Tour D’Artaise, chairman and CEO of Groupe SEB – with performance even outstripping pre-pandemic levels despite unprecedented external tensions in the supply chain relating to raw materials and components, delays and additional freight costs. These performances were driven by buoyant demand for small domestic equipment and continued strong momentum in e-commerce. In a context of a still unstable global health environment, but given the performance of the first half, we now anticipate for full-year 2021 a growth in reported sales exceeding 10%, along with an operating margin of close to 10%».
