STOCKHOLM (dpa-AFX) - Electrolux AB (ELUXY.PK), a Swedish home appliance major, reported that its net loss for the first quarter widened to 1.23 billion Swedish kronor or 4.53 kronor per share from 588 million kronor or 2.16 kronor per share in the prior year.
Operating loss widened to 720 million kronor from last year's 256 million kronor, hurt by the wider operating loss in business area North America, primarily due to price pressure, but also lower volumes and production inefficiencies related to the ongoing ramp-up of the new cooking facility in Springfield.
Net sales for the quarter were 31.08 billion kronor down from 32.73 billion kronor in the prior year. Sales decreased by 3.7% in the quarter, excluding currency translation effects. Organic sales declined by 3.7% driven by negative price and lower volumes that were partially offset by a positive mix.
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