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Q1 2021 Sales and Financial Data

AN EXTREMELY DYNAMIC START TO THE YEAR

 

  • Sales: €1,852m, +27.4% as reported and +30.9% LFL*
  • Operating Result from Activity: €198m, vs. €18m in Q1 2020
  • Net debt: €1,465m vs. €1,518m at 12/31/2020


GENERAL COMMENTS ON GROUP SALES

Groupe SEB sales in the first quarter of 2021 amounted to €1,852m, up 27.4% as compared to the first quarter of 2020. This improvement includes like-for-like growth of 30.9% (+€449m), a currency effect of -5.6% (-€81m) and a scope effect of +2.1% (+€30m; related to StoreBound). 

This excellent performance was driven by the Consumer business, up 39.1% LFL, resulting from a combination of several positive factors:

  • in line with second semester of 2020, a very firm demand for small domestic appliances and cookware;
  • continued solid momentum in online sales, which is sustained;
  • an overall less promotional environment, reflected in quality sales;
  • low comparative basis resulting from the very penalizing effect on the activity from lockdown measures implemented at the onset of Covid-19 epidemic in the first quarter 2020.

Conversely, the Professional business recorded a decline in turnover of 26.2% LFL versus a first-quarter 2020 that was less impacted by the COVID-19 crisis than the Consumer business. This marked decrease in sales is directly linked to the persistent difficulties in the hospitality and catering sector, which is still largely under lockdown at this stage.

* Like-for-like: at constant exchange rates and scope of consolidation

Statement by T. de La Tour d’Artaise, Chairman and CEO of Groupe SEB

Groupe SEB achieved an excellent performance in the first quarter, with sales and operating result exceeding pre-pandemic levels. All our products and regions contributed to this upswing and we are particularly pleased with this momentum, which was driven by the efforts of all our teams that I want to thank today. In this still strong environment, we remain focus on our fundamentals: the health of our employees, the service to our customers and products innovation.

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