HONG KONG, Aug 10 (Bernama-BUSINESS WIRE) — Global leader in cordless Professional Tools, DIY Tools, and Outdoor Power Equipment, Techtronic Industries Co. Ltd. (“TTI” or the “Group”) (stock code: 669, OTCQX: TTNDY, TTNDF) is pleased to announce its results for the six months ended June 30, 2023.
The Group delivered solid results for the first half of 2023, outpacing the market in sales performance and profit generation, while reducing inventory and delivering outstanding free cash flow. Overall sales declined 2.2% in reported currency, and 1.0% in local currency, to US$6.9 billion. TTI’s Flagship MILWAUKEE business grew 8.7% in local currency, while the Consumer businesses were down low double-digit, in part driven by inventory reduction initiatives within its network and customers.