Miele has reported that its turnover grew 2.2% to €3.22bn in the last financial year, driven by the success of renewed product ranges.
The domestic appliance manufacturer said sales in Germany for the year ending 30th June 2014 reached €978m, up €23m or 2.4% year-on-year. Germany's turnover share now stands at 30.6%, the company said.
The end-of-year results also show a 1.9% rise in turnover in markets outside of Germany. Miele said markets in the USA, China and Russia achieved 'double-digit growth', but were impacted by 'unfavourable exchange rates'.
Miele’s wholly owned Australian subsidiary, its fourth largest sales market after Germany, the United States and Switzerland, experienced “above-average growth”, though no precise details were provided.
The company praised itself for achieving its sustainable growth targets despite adverse global economic conditions. Much of this was due to the new rollout of Miele’s Generation 6000 range of premium cooking appliances, which has been widely acclaimed by Miele’s dealers and consumers, as well as in the media.
The company added that revamping 'virtually its entire range of domestic appliances was able to more than compensate for the inclement economic conditions, which prevailed in key sales markets'.
“In a year marked by the largest product and innovation offensive in its history — Miele renewed virtually its entire range of domestic appliances — and was able to more than compensate for the inclement economic conditions which prevailed in key sales markets,” Miele said in a statement.
Meanwhile, Miele's Professional division reported above-average growth of 3.9%, contributing 13% towards the total company turnover.
Miele said the €188m invested over the 2013/2014 financial year, which included the modernisation of production plant and equipment at several production facilities, new office premises and the extension of the central high-bay trans-shipment warehouse at its headquarters in Gütersloh.
The company's executive director and co-proprietor Dr Markus Miele said: “At this point, Miele is well positioned to achieve further growth with respect to turnover, unit sales and market shares, even under less favourable market conditions.”
