Pandemic causes sales decline at Hilti
Hilti’s sales for 2020 were 9.6 percent lower than in the previous year. The tool manufacturer from Schaan puts this down to the coronavirus pandemic and the appreciation of the Swiss franc. Business already started to improve in the final quarter of 2020.
According to a press release from the Hilti Group, sales of the tool manufacturer from Schaan amounted to 5.3 billion Swiss francs in 2020. When compared with the previous year, this represents a decline of 9.6 percent. The company puts this down to the coronavirus pandemic and the appreciation of the Swiss franc. In local currency, the decrease only equates to 4.3 percent.
“Total sales are below the previous year’s level, to the extent expected, which means that the downturn has been less severe than initially feared,” commented Hilti CEO Christoph Loos. However, the Group is optimistic about the future. “The signs of recovery further solidified over the last four months of 2020 and our sales figures have stabilized,” explained the CEO. For the current financial year, Hilti expects “a moderate economic recovery”.
In 2020, the international tool manufacturer recorded the most significant reductions in sales in the Eastern Europe, Middle East and Africa region as well as Latin America and Asia Pacific. In local currency, sales were between 8.2 percent and 7.0 percent less than in 2019. In Europe, only a slight overall decline in sales of 2.7 percent in local currency was posted. Hilti will publish its detailed annual report on 18 March.