Dometic said it delivered record-high net sales of during 2022, evidence of its strategy shift of the past several months is showing results.
The Sweden-based global company reports its earnings in Krona, and converted over to U.S. dollars the company had $2.9 billion in net sales.
The company’s profit for the year was $173.3 million.
The company credits its net sales increase to its transition into a “more diversified and resilient company with greater exposure to the low-ticket discretionary spend products.” An example of that strategy is seen in the increased amount of direct-to-consumer advertising the company is doing.
It said its net sales in the OEM sales channel grew in 2022, despite the significant slowdown in the RV OEM business in the U.S. in the second half of 2022.
The service and aftermarket business declined after a strong 2021 as retailers globally were rebalancing their inventory levels.
“The macroenvironment was challenging in 2022, impacted by geopolitical uncertainty, high inflation and increasing interest rates. Retailers globally were rebalancing their inventory levels after large inventory build-ups in 2021 and in the first half of 2022. In this environment we delivered record-high net sales and EBITA, accelerated the implementation of efficiency improvements to protect margin and cash flow, while at the same time continuing to drive our strategic agenda,” said Juan Vargues, president and CEO, in a letter to investors.
In the report he goes on to outline the many ways Dometic seeks to lead its industry in sustainability and protecting the environment.
Click here to download the entire report and read Vargues’ comments.