Coffee Service
Groupe SEB reports ‘stable’ 2022 sales
January 30, 2023
Groupe SEB, a France-based manufacturer that owns Wilbur Curtis Co. in the U.S. in addition to other coffee equipment brands, generated 2022 sales of €7.96 billion ($8.65 billion), almost stable as reported (-1.2%) versus 2021, and down 4.7% year on year, according to a press release.
The difference between these two figures can be attributed to a strong positive currency effect (3.3%), stemming largely from the appreciation of the U.S. dollar and the Chinese yuan. The consolidation impact, in the fourth quarter, of Zummo, acquired last summer, amounted to €10 million ($10.87 million).
This performance confirms the resilience of the group in a tense geopolitical environment and compared to the record performance reported in 2021. Versus 2019, the most recent normal year, 2022 revenue was up 8.2% and confirms the group's positive trajectory over time, according to the press release.
Highlights include:
- Full-year sales at the professional division came out at €725 million ($787.6 million), up 15.6% including 9.2% organic growth compared with 2021. This performance confirmed the continuation of the recovery which started during the second half of 2021 and includes an excellent fourth quarter, as expected.
- The acceleration in Germany and the ramp-up of commercial synergies between Schaerer and Wilbur Curtis in the U.S., as well as the roll-out of the Luckin Coffee contract in China, were the main drivers of this growth.
- Hotel equipment also turned in a very good year in 2022, benefiting from a strong catch-up effect compared with 2021.
- Sales in North America were down around 10% in the fourth quarter as the inflationary environment and high levels of inventories in retail weighed on the market and on activity throughout the year.
- Annual group revenue was up 1.1% on the back of currency appreciation, in particular the U.S. dollar.
- On a like-for-like basis, annual sales were down 9.7%, on a particularly high 2021 comparable base (an 18% gain).
- Compared with 2019, excluding StoreBound acquired mid-2020, annual revenue rose by over 18%.
