Strong demand from consumers in the U.S. was a key driver for Hamilton Beach in the fourth quarter, helping offset softness in the overseas and commercial markets.
Total revenue in the three months ended December 31, 2020, was $234 million, an increase of 14.4% from the fourth quarter of 2019. Sales through the e-commerce channel increased 33% and accounted for 41% of total revenue.
As with other product suppliers, Hamilton Beach was able to reap the rewards of a strong sell-through of kitchenware products. Consumer demand in the company’s International division was negatively impacted by restrictions related to the COVID-19 pandemic.
Additionally, the company’s foodservice sales also took a hit because of restrictions on restaurants in place by local governments through the end of 2020.
Revenue for the full year 2020 decreased 1.3% to $603.7 million compared to $611.8 million. Increased revenue in the U.S and Canadian consumer markets was offset by decreases in the international consumer and global commercial markets.
Hamilton Beach officials are bullish on the year ahead, especially during the first half of 2021, as consumers continue to shelter at home. Also, millennials and boomers continue to be closely watched as they transition into new housing, creating demand for new household products.