Philips generates profit once more | RetailDetail

Philips generates profit once more

Philips generates profit once more

Dutch electronics concern Philips has once again presented positive results in the third quarter. It had a sizeable loss last year, but it did manage a decent profit over the past quarter.

Higher profitability

Philips' turnover grew 2 % on a like-for-like basis to 5.8 billion euro, with growth in North America, Eastern Asia, Central and Eastern Europe. Unfortunately, disappointing Chinese sales leveled out the gains made.

 

The company did manage to create a higher profitability which is why it is now reaping its rewards: a year ago, the company had a 103 million euro net loss, but the past quarter, it made a 324 million euro profit. Philips had to pay a huge fee to Masimo last year, because it had breached several of its patents.

 

In the meantime, Philips is also trying to round off the sale of its Lumineds subsidiary to a group of Asian investors who are willing to pay 2.8 billion dollars (2.5 billion euro) for an 80.1 % stake. The American Committee on Foreign investment has filed a complaint on that deal however, so it remains to be seen whether the deal can be pulled off. Philips will try to meet the demands, but the company did mention there is doubt about the deal now.

Questions or comments? Please feel free to contact the editors


Fnac Darty and MediaMarkt Saturn enter purchase alliance

16/05/2018

French electronics retailer Fnac Darty has set up a purchase alliance with competitor MediaMarkt Saturn. Both companies will buy together when it comes to the European retail market.

Amazon looking to outbid Walmart in Flipkart deal

03/05/2018

The battle for dominance on the Indian e-commerce market seems to be stepping up a notch: Amazon may be looking to buy a majority stake in Flipkart, trying to better Walmart which already started negociations with the Indian online retailer.

Amazon is working on domestic robot

24/04/2018

Amazon is secretly working on robots for consumers. According to press agency Bloomberg, the tech giant wants to trial the robots at their employees’ homes and wants to present its domestic robots in 2019.

Fnac Darty continues growth thanks to collaborations

23/04/2018

Electronics group Fnac Darty has achieved a small turnover growth in the first quarter of 2018. The group also says it took major steps in its recovery plan: before the end of 2018, it seeks 130 million euro in synergies.

‘Schnäppcam’ lures customers back to the store

16/04/2018

It seems a lost fight to compete with web shops, but not every retailer is simply throwing in the towel. A German household appliance seller has found an original way to entice customers.

Media Saturn launches first checkout-free store in Austria

12/03/2018

Saturn has opened Europe’s first checkout-free electronics store in Austria. The former Metro Group chain offers its customers traditional sales assistance, but payments have to happen using an app.