Steinway sees healthy piano sales 2Q 2013


Steinway has announced its financial results for the second quarter of 2013, and it shows a healthy overall balance sheet for sales of its wholesale pianos, with Europe and America being particularly strong markets.

Second quarter revenue increased to $56.8 million, or 12.7%, over the prior-year quarter due to strong wholesale piano sales. Worldwide, unit shipments of Steinway grand pianos increased 20.7% and Boston and Essex piano shipments rose 21.0%. In the Americas and Europe, revenue increased 18.2% and 19.6%, respectively, while exchange rate changes negatively impacted revenue in the Asia-Pacific region. Without these changes, revenue from the region would have been stable.

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There has been an increase in demand for Steinway’s high quality acoustic pianos, with production at the company’s New York and Hamburg factories increasing by around 25% over the previous quarter.