(RTTNews) - Electrolux AB (ELUXY.PK), a Swedish home appliance major, reported Friday sharply wider fourth-quarter loss amid slightly lower net sales.
Looking into the beginning of 2024, the company projects weak consumer sentiment to continue with consumers shifting to lower price points and postponing purchases in discretionary categories.
Demand in major markets is expected to stabilize in the course of the year.
Demand for core appliances in 2024 full-year is expected to be relatively neutral for all regions compared to 2023.
For the quarter, loss amounted to 4.11 billion Swedish kronor, compared to prior year's loss of 1.92 billion kronor. Loss per share was 15.23 kronor, compared to loss of 7.12 kronor a year ago.
North American business area continued to be loss-making, with an underlying loss of 1.45 billion kronor in the fourth quarter.
Group operating loss excluding non-recurring items in the quarter was 724 million kronor, compared to loss of 612 million kronor a year ago.
In the fourth quarter, net sales amounted to 35.636 billion kronor, compared to 35.769 billion kronor last year. Organic sales decreased 0.8 percent mainly driven by negative price but also lower volumes.
Further, the Board of Directors proposed that no payment of dividend will be made for 2023.
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