Stocksak: Electrolux suffers a loss in Q3, but there is still hope for a slowdown in the market.

© Stocksak. FILE PHOTO – The Electrolux logo can be seen at the IFA Electronics Show in Berlin, Germany on September 4, 2014. REUTERS/Hannibal Hanschke

STOCKHOLM (Stocksak), – Electrolux, a Swedish company, suffered a loss in the third quarter due to rising costs, especially in North America, and slower demand. The company also warned of a slowdown.

The largest European home appliance manufacturer said Friday that it suffered an operating loss of 385 millions Swedish crowns in the third quarter ($35.1million) compared to a profit of 1.64 billion in the previous year.

“Market demand in Europe as well as North America is expected to continue to decline for the full-year 2023,” Chief Executive Jonas Samuelson said. Jonas Samuelson, Chief Executive, said that it would be negative year over year.

Electrolux announced that a North America turnaround and cost cutting programme for the entire group, which was announced in September, would result in 4-5 billion crowns of positive earnings in 2023. It would also book a 1.2 to 1.5 billion crown restructuring charge this quarter.

($1 = 10.9679 Swedish Crowns)

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