Electrolux reports loss in Q1
28/04/2008
Electrolux has reported a dip in its first quarter profits, with the appliance maker recording a loss for the period.
The Swedish company has said that declining demand for its products, high costs for restructuring and the launch of a new range in North America have all attributed to the losses.
Electrolux's results were worse-than-expected, but the firm had previously predicted that it would be hit by the current uncertain outlook.
Hans Stralberg, the boss of Electrolux, said: "Demand for our products has been lower than we had expected and the market downturn in Europe and North America affected our results negatively."
The company said in particular there was a decline in demand for its vacuum cleaners, fridges and cookers.
Electrolux, the second largest appliance maker, has recently said it is going to cut 400 jobs in Europe, in a cost saving move.
The company has recently launched a time manager washing machine, which allows the users to see the time left on their load on an LCD screen.
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