Stanley, NC | August 2023
Blum USA ends financial year for 2022-2023
Blum Inc. maintains its strategy in uncertain times.
Despite global economic challenges, Blum Inc., the American arm of a leading solutions provider for cabinetry, continues to demonstrate its commitment to the USA market, innovation, adaptability and growth.
The American subsidiary for Blum recorded $360.5 million in turnover for the 2022/2023 financial year that ended June 30, 2023. This corresponds to a drop in turnover of 1.9% compared with the previous year. Following a period of above-average growth, this was a foreseeable development that had been expected.
The complex economic landscape of the past year, marked by inflation, cost of raw materials and other factors, has impacted businesses across industries worldwide. Though the Blum group was not immune to these challenges, the company will continue to focus on its long-standing corporate philosophy and concentrate on innovations, investments, and its employees across the globe.
During the year, Blum Inc. comprised a team of employee volunteers to take the lead in shaping its community-focused donation strategy, aligned with three key United Nations Sustainable Development Goals. As part of Blum’s commitment to social responsibility and community engagement, this initiative aims to create a positive and lasting impact on our local community while addressing global challenges.
This employee-driven effort underscores Blum’s belief in making a difference in the community that its employees live. The three focus areas for the donation team center around access to quality education, protecting life on land, and eliminating hunger. Moreover, various opportunities are given throughout the year for Blum employees to donate time or goods to support these focuses.
The Blum Group
The Blum Group experienced a worldwide turnover of $2.3 billion during the 2022/2023 fiscal year, a 12% drop compared to the previous year. "After two years of above-average growth, the drop in turnover is a foreseeable development. We were expecting a downturn, however the speed at which it happened was surprising for us. Although we need to adapt to this challenging situation, we are sticking to our basic strategy," says Philipp Blum, Managing Director.
Blum achieved 45% of its turnover in the EU area and 15% in the USA. The Blum Group delivers its products to more than 120 countries worldwide and is represented internationally by 31 subsidiaries and/or representative offices and agencies.
The company has 9,330 employees, with 456 employed at Blum Inc. in the USA. For Managing Director Martin Blum, one of the most important investments in the future is training young people at the company. "Our up-and-coming skilled workers will safeguard our future," he says, highlighting apprenticeships as an important factor for success. The family-owned business is currently training a total of 399 apprentices, with 29 training at the USA facility.
The innovative power of the long-established company remains unwaveringly high: 79 new applications were submitted to the Austrian Patent Office in 2022. At KBIS, the Kitchen and Bath Industry Show in 2023, many visitors saw for the first time the stylish REVEGO pocket system. Blum Inc. plans to launch four innovations in the first half of 2024.
Both Blum Managing Directors continue to anticipate another challenging year. “We’re going to need a lot of perseverance until consumer confidence and markets stabilize again,” explained Philipp Blum. “Our long-term orientation and committed and flexible employees are our strengths and what makes us a reliable partner for our customers on a daily basis. Our thanks and appreciation go to our global team that stands strong despite daily challenges,” adds Martin Blum.