(Finance) – The shares of Electrolux are starting to close today’s session up 1% in Stockholmafter having suffered in the morning of profit warning launched by the Swedish appliance manufacturer, which owns the Rex and Zoppas brands, among others.
The Group had announced this morning that the earnings will drop in the third quarterbecause of a “accelerated” slowdown in demand market, caused by inflation and negative consumer sentiment.
Electrolux explained that supply chain imbalances and production inefficiencies and the consequent increase in costs will lead to a “significant” decline in profit in the third quartereven excluding the non-recurring charge related to the exit from the Russian market.
The society is committed to reducing costs in both North America and Europe, where market demand is expected to remain weak for the remainder of 2023.