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Sunbeam appliance prices are set to rise from next month, with parent company GUD Holdings to implement an average 8 per cent price increase from February 1.The price rise follows GUD seeing its net profit plunge 90 per cent to $1.74 million in the 2016 first half.
GUD reported that its net profit figures included a non-cash goodwill and inventory impairment of $18.5 million after tax, mainly made up of $15 million of goodwill in its Dexion industrial and commercial storage business.
While Sunbeam’s revenue was up 1 per cent to $57.6 million in the half, underlying EBIT slumped to a loss of $1.7 million, down from $2.5 million year-on-year.
“Whilst sales in Sunbeam improved in the half, and market share was maintained, the decision to defer price increases, to offset the effect of the lower currency on product costs, constrained profit performance,” GUD managing director Jonathan Ling commented.
“Sunbeam’s overhead costs were tightly managed and were at a lower level than last year.”
Meanwhile, GUD expects that new product releases prior to Christmas will contribute to an improved performance for Sunbeam in the second half, while forecasting sales and margin improvements from the average 8 per cent price increase.
GUD additionally expects Sunbeam volumes to improve due to its regained Big W electric blanket business, along with ranging in Woolworths supermarkets.
GUD expects full-year underlying EBIT in the range of $82-$88 million.
