Electrolux: reports net loss, revenue falls

(CercleFinance.com) - Electrolux, the world's third biggest maker of household appliances, reported a net loss for first-quarter as the coronavirus pandemic impacted demand at the end of the quarter.


Electrolux made a net loss of 86 million Swedish kronor (about 8 million euros) for the first three months of 2020, with the pandemic slicing about 400 million Swedish kronor from its result.

It was also burdened by significant currency headwinds of approximately 600 million Swedish kronor, the group said.

Sales fell from 27.4 billion to 26.5 billion Swedish kronor, down about 5%.

For the second quarter the Swedish company said it expects a significant loss, as April sales were down by approximately 30%.

The group also said it expects a "gradual" recovery going forward, and the market focused on this prospect, with the shares up over 2% in Stockholm after these announcements.

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