STOCKHOLM (AP) -- Swedish home appliance-maker Electrolux says first quarter profits plunged 27 percent year-on-year to 361 million kronor ($55 million) due to the ongoing crisis in Europe, one of the manufacturer's core markets.
The company says sales for the three-month period compared to a year ago dropped 2 percent to 25.3 billion kronor, led by a 3 percent drop in shipments of core appliances to Western Europe.
Electrolux said in a statement Thursday that the loss in sales in Europe was offset by strong performances in North America, Asia and Latin America.
The company says the weak European market and seasonal inventory build-up resulted in a large negative cash flow of 3.4 billion kronor at the end of the quarter, though the company believes this will turn positive during 2013.
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