Gardening tools group Husqvarna says to accelerate investments as demand stays strong

Credit: REUTERS/ANNA RINGSTROM

STOCKHOLM, July 16 (Reuters) - Husqvarna HUSQb.ST, the world's biggest maker of gardening power tools, said on Thursday it would gradually increase investments again as it reported quarterly profit and sales that matched preliminary figures.

"We will now gradually increase our investments in some of the earlier paused strategic initiatives to support future profitable growth," it said in its earnings report.

"Demand has continued to stay strong at the very start of the third quarter but as in previous years the peak of the lawn and garden season has passed."

Husqvarna early in the second quarter saw demand slow due to the pandemic but as markets gradually reopened demand grew rapidly for lawn and garden products.

Operating profit rose to 2.19 billion crowns ($240.7 million) from 2.13 billion a year earlier, helped by cost savings, while sales fell 2% to 13.5 billion.

($1 = 9.0996 Swedish crowns)

(Reporting by Anna Ringstrom; editing by Johannes Hellstrom)

((anna.ringstrom@thomsonreuters.com; +46 8 502 423 74; Reuters Messaging: anna.ringstrom.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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