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Groupe SEB cites Wilbur Curtis high point for HY 2022

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July 21, 2022

Groupe SEB, a France based multinational that owns Montebellow, California based Wilbur Curtis Co., reported a loss against improved first half year sales for 2022, citing a challenging operating environment due to currency volatility, Ukraine and inflation, according to a financial report.

The report cited "very strong performance by Wilbur Curtis in the U.S." and the resumption of the rollout of the Luckin Coffee contract in China among the high points.

Highlights include:

• First-half sales rose 1.6% from €3.61 billion ($3.68 billion) in 2021 to €3.66 billion ($3.73 billion) in 2022.
• Compared with 2019, half-year sales increased by 9.9%, pointing to a healthy trajectory over time.
• Operating profit fell from €258 million ($262.84 million) to €179 million ($182.36 million).
• Profit attributable to owners fell from €151 million ($153.83) to €72 million ($73.35 million).
• Sales in Europe, the Middle East and Africa fell 10% from €1.662 billion ($1.69 billion) to €1.494 billion ($1.52 billion).
• Sales in the Americas rose 7.2% from €480 million ($489 million) to €515 million ($524.66 million)
• Sales in Asia rose 12.7% from €1.178 billion ($1.2 billion) to €1.327 billion ($1.15 billion).

"2022 started in a favorable environment, which deteriorated in the second quarter, with the war ongoing in Ukraine, currency volatility and the acceleration in inflation," CEO Stanislas de Gramont said in the press release. "We do not expect any significant improvement in the economic situation before year end in mature countries. This leads us to target for the full year overall stable sales and an operating margin in the range of 8% to 8.5%."