Stockholm, April 28, (dpa/GNA) – Swedish home appliance maker Electrolux AB moved into the red in the first quarter of 2023 compared to the same period a year ago.
Electrolux reported on Friday that its first-quarter loss was 588 million Swedish kronor ($57 million), compared to last year’s profit of 950 million kronor.
Loss per share was 2.18 kronor, compared to profit of 3.40 kronor a year ago.
Operating loss amounted to 256 million kronor, compared to profit of 1.58 billion kronor last year.
Adjusted operating income was 305 million kronor, compared to prior year’s 919 million kronor.
Adjusted operating margin was 0.9%, compared to 3.1% a year ago.Net sales increased 9% to 32.73 billion kronor from 30.12 billion kronor last year. Organic sales growth was 2.2%.
Price remained solid, while weaker market demand resulted in lower volumes for the Group as a whole.
Further, the company said its business and market outlooks for full year 2023 provided in the fourth quarter 2022 earnings report remain unchanged.
GNA