Coffee Service

Groupe SEB lifts Q3 2023 sales boosted by professional equipment

Logo: Wilbur Curtis Co.

October 26, 2023

Groupe SEB, the Ecully, France-based parent company of Wilbur Curtis Co. in the U.S. and several professional and consumer coffee equipment brands in Europe, boosted its third quarter sales over the prior year period, with the professional equipment sales jumping 42.6%, according to an earnings report.

Momentum in the third quarter reached a record level thanks to the roll-out of major contracts around the world, notably Luckin Coffee in China, Greggs in the United Kingdom and Quiktrip in the U.S., boosted by the launch of the new Curtis Skyline machine.

Highlights include:

• Sales increased 8.9% in Q3 2023 to €1.92 billion ($2.02 billion), an increase of 1.4% on a reported basis.
• Professional sales rose 42.6% while consumer sales rose 5.5% in the comparative quarters.
• Sales rose 14.9% in North America, 16.8% in South America, 0.2% in China, and 7% in Europe, the Middle East and Africa.

This performance is in line with the rebound trajectory envisaged at the start of the year and supports the goal to achieve sales growth of around 5% like-for-like for the full year 2023.

Shares traded today at €87.1 ($91.70).

"Our third-quarter performance is fully in line with the rebound trend anticipated at the start of the year, and confirmed in the second quarter, both in terms of sales growth and improved profitability," CEO Stanislas de Gramont said in the press release. "Our professional business posts very good results thanks to record sales in coffee."

For the full year, the company expects mid single digit organic revenue growth.