(AOF) – In the first quarter, Seb achieved sales of 1.89 billion euros, an organic increase of 7.3% and 3.9% in published data. The currency effect remains penalizing over these first 3 months with a negative impact of 75 million euros, or -4% of sales, but this trend should ease over the months. The scope effect has a positive impact of 0.7% or 13 million euros. The latter includes the consolidation of La San Marco, Pacojet and Forge Adour.
In Western Europe, the group recorded a 3.1% drop in sales at constant exchange rates and scope (-1.8% in published data). This decline is mainly attributable to an unfavorable base effect resulting from significant loyalty programs in the first quarter of 2023.
Corrected for this impact, current activity is very slightly positive (+0.2% at constant exchange rates and scope), in a small domestic equipment market in a phase of gradual recovery, supported by online sales.
In this context, excluding the effect linked to the 2023 loyalty programs, France sees its sales increase by 8% at constant exchange rates and scope, which reflects outperformance in a well-oriented market.
In other EMEA countries, sales experienced very strong growth (+32.9% at constant exchange rates and scope), in dynamic markets in almost all countries. The increase in sales was reduced to 14.9% in published data, mainly due to depreciation of the Turkish lira, the Russian ruble and the Egyptian pound against the euro.
The group’s operating profit (ROPA) amounted to 111 million euros in the first quarter of 2024 (vs. 65 million euros in the first quarter of 2023, +70%), including in particular a negative currency effect of 43 million euros. The operating margin thus rose to 5.8% compared to 3.6% a year earlier.
On the basis of this solid publication, Seb confirms its ambitions for the year 2024, announced during the publication of the annual results last February.
The company expects a gradual recovery during the year in China and continued good momentum in emerging countries despite a still penalizing currency environment.
It expects continued growth in its Professional activity based on a high track record and an expected operating margin close to 10%.
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