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9 months sales and financial data
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- Business rebound in third-quarter
- Operating profit from activity stable, in line with expectations
- 2013 targets confirmed
In a persistently difficult overall economic environment, consumer spending in the third quarter showed encouraging signs in some regions and stalled in others. The rapidly accelerating and significant decline of some currencies (Brazilian real, ruble, Turkish lira...) against the euro in July and August affected the markets more than had been initially expected.
In this environment, the small domestic equipment market showed improved resilience, but remained highly competitive and promotion-driven. In almost all countries, retailers kept a tight rein on inventory, restocking little and often, which required increased flexibility from manufacturers.
Groupe SEB’s revenue for the first nine months of 2013 stood at €2,833 million, an increase of 3.5% vs. last year. On a like-for-like basis, revenue was up by 5.5%. These figures reflect a significant acceleration in revenue growth in the third quarter, to 5.3% as reported and 10% like-for-like, driven by volumes. Following the sharp depreciation of some of the Group’s currencies during the summer, the currency effect on sales for the first nine months was a negative €54 million (half of which was linked to the Brazilian real), representing considerably more than the first half’s negative €10 million.