Miele has recorded a 12.2% increase in turnover with sales of €5.43 billion (A$8.82 billion) in 2022 – a record sales result as the company sold more units in a single year than ever before.
Miele said the Covid-induced peak in demand in 2020 and 2021 was followed by a slump during 2022 with a general drop in consumer demand since the start of the war in Ukraine.
“In this challenging environment with markets in decline, Miele was able to improve its position, in part significantly,” the Executive Board commented.
“This is due to the excellent reputation of the Miele brand, a consistent focus on the quality, durability and enthusiastic performance of its products and the commitment of Miele employees worldwide.”
Delivery times are more or less back to normal and buffer stocks have been amassed again to ensure fast delivery. The overall market continues to soften, resulting in Miele temporarily throttling the production of its washing machines, tumble dryers and vacuum cleaners as sales drop back from all-time highs.
The Executive Board said it is “guardedly optimistic that business activity will remain stable at a high level or even increase”. However, prices for materials, energy and logistics represent a central challenge for procurement.
Miele made notable mention of eastern Europe and Asia, but acknowledged good results from Australia, Great Britain, the Netherlands and the US. The contribution to turnover from outside Germany was 72%.
Dishwashers, laundry and cooking products performed above average, boosted by the first IFA trade show since 2019 with a focus on energy efficiency and cooking with artificial intelligence. For the first time ever, Miele produced more than one million washing machines and dishwashers each in a single calendar year. Vacuum cleaners, refrigeration products and coffee machines also saw turnover increase in 2022.
The Professional business unit increased its turnover by 10.3% year-on-year and contributed around 14% to overall sales. In this sector, Covid did not result in a spike in sales but rather sparked an unwillingness to invest, particularly among hotels, restaurants and nursing homes.
2022 showed clear signs of recovery and pent-up demand, especially in the regions of southern and eastern Europe dominated by tourism and in traditionally strong markets such as the US, Great Britain and Austria.
Feature image: The Miele executive board (L to R): Dr Markus Miele, Dr Stefan Breit, Dr Axel Kniehl, Rebecca Steinhage, Dr Reinhard Zinkann and Olaf Bartsch.