Groupe SEB has reported its first quarter financial results, with an overall global sales increase but a decline in both the North and South American markets.
In total, Groupe SEB reported sales of approximately $1.3 billion in the first quarter, up 2.3%.
According to the company, the first quarter of 2016 saw rather favorable market conditions in Europe and China, more modest growth in the United States, a lackluster market in Japan, and a challenging business environment in Russia and Brazil.
Groupe SEB reported a 17.3% decrease in sales from 2015 in both North and South America combined. North American sales saw a 14.2% dip, reporting about $114.9 million in sales versus $134.6 million in the previous first quarter of 2015.
North America was the only region for the company to post a sales decrease on a like-for-like basis in the first quarter, the company said. This drop resulted from a downturn in activity in the U.S. and Canada, whereas momentum remained strong in Mexico. The main issue in the U.S. in the first quarter concerned major stock clearances conducted by certain key retail customers, which reflected poor sales for the group, the company said. T-Fal cookware and Rowenta irons saw a decline in the quarter. However, the company said business trended positively for All-Clad, despite a higher-pressure environment in selective distribution, and for IMUSA, which strengthened its product listings.