EsHome appliance maker Breville has reported F1H’21 (calendar 2H’20) revenue growth of 28.8% year over year, “supported by the WFH (working from home) and premiumisation trends” during the pandemic. The expansion in sales outpaced analysts expectations by 11.6 percentage points, S&P CapitalIQ data shows.
The firm expects revenue growth to “remain healthy” in the coming six months though “inventory is tight” and the firm has stated that “it’s unclear whether (restocking) will occur by” June 2021 or beyond. Panjiva’s data shows U.S. seaborne imports linked to the firm surged 47.8% higher year over year in calendar Q4’20. Growth has slowed more recently though with imports in January having risen by a more modest 8.9%.
Source: Panjiva
Like many other firms with global supply chains the firm has faced higher logistics costs, as outlined in Panjiva’s research of Feb. 15. Indeed, CFO Martin Nicholas has stated earnings were impacted by a “quite heavy impact of freight costs” though margins nonetheless improved due to cost cutting, the sale of more profitable products and the reduced need for discounted sales due to elevated demand and tight inventory.
Other firms in the appliances supply chain may not be having the same sourcing challenges. Panjiva’s data shows that total U.S. seaborne imports of small appliances climbed 72.4% higher year over year in Q4’20 and jumped a further 109.7% higher in January. The latter has been led by a 115.8% jump in imports linked to Samsung Electronics and a 105.3% increase in Miele-linked shipments. Spectrum Brands grew by a slower but still considerable 33.4%.
Source: Panjiva
