It’s been a good start to the week for two family businesses in Europe, with logistics company Kuehne+Nagel and fashion retailer H&M posting revenue increases, while agricultural giant Cargill recently saw its profits grow by 300%.
Switzerland-based Kuehne+Nagel said on 15 October that revenues rose by 12.4% to CHF3.9 billion (€3.2 billion) during the quarter to 30 September. This was mainly thanks to good performances at the company’s seafreight and airfreight divisions.
Pre-tax profits at the company, which is majority owned by the Kuehne family foundation, also increased by 3.1% to CHF233 million during the three-month period and the family business said it expected to reach its financial targets for the full year.
Revenues were up also for family-controlled fashion retailer H&M. The Swedish group, which is headed by third-generation Karl-Johan Persson, said on 15 October that sales rose by 15% in September, compared to the same month in 2011.
In the US, family-controlled Cargill said on 11 October that net profit jumped 300% to $975 million (€752 million) during the first quarter to 31 August, compared to $236 million in the same period last year. This follows disappointing profits of $73 million during the three-month period to 31 May 2012.
The strong quarter, one of the best in the company’s history, came despite Cargill having to deal with droughts that reduced grain supplies across the world.
However, revenues at the commodity giant, which is controlled by descendents of founder William Wallace Cargill, fell by 2.3% to $33.8 billion during the quarter, compared to $34.6 billion during the same period last year.