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Electrolux posts bigger Q1 loss than expected on weak demand
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Electrolux posts bigger Q1 loss than expected on weak demand
Apr 25, 2024 11:18 PM

STOCKHOLM, April 26 (Reuters) - Electrolux,

the world's second-biggest appliances maker, reported on Friday

a bigger increase than expected in operating loss for the first

quarter as weak market demand hurt sales volumes.

The Swedish group said the operating loss grew to 720

million crowns ($66.2 million) from a year-earlier loss of 256

million, against the 761 million loss expected on average by

analysts polled by LSEG.

Electrolux late on Thursday announced that its CEO Jonas

Samuelson, who has had the position for eight years, would

step down

on Jan. 1 next year, and that its board was launching a

search for his successor.

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