STOCKHOLM (dpa-AFX) - Electrolux AB (ELUXY.PK), a Swedish home appliance major, reported Friday that its second-quarter loss amounted to 80 million Swedish kronor, narrower than last year's loss of 648 million kronor. Loss per share was 0.30 krona, compared to prior year's loss of 2.40 kronor.
Operating income amounted to 419 million kronor, compared to loss of 124 million kronor a year earlier. Operating margin was 1.2 percent, compared to last year's negative margin of 0.4 percent. Excluding non-recurring items, prior year's earnings were 519 million kronor. The company noted that higher volumes and improved mix partly offset negative price.
Net sales in the second quarter amounted to 33.82 billion kronor, higher than last year's 32.65 billion kronor. Organic sales increased 6.8 percent driven by higher volumes in all business areas while price was negative.
The company further said it now targets cost savings of approximately 4 billion kronor in 2024, excluding investments in Innovation and marketing.
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