Fisher & Paykel Appliances Holdings Ltd. said a rebate to retailers to boost Christmas sales and counter rivalry from Qingdao Haier Co. and LG Group won't cut earnings. The Auckland, New Zealand-based manufacturer, which claims 60 percent of
the country's sales of washers, dryers, and refrigerators, has offered a rebate, or bonus to retailers of its top-selling appliances. In August, it forecast 2002 first-half profit would be 2.5 times higher than in 2001.
Managing Director John Bongard wouldn't give details of the
rebate. Wellington-based retailer LV Martin & Son is cutting
prices on the company's appliances as much as 15 percent, the
Dominion Post said, citing sales general manager John Lamerton.
Any decline in profit margin as a result of the rebates is
expected to be more-than recovered through increased sales. (Bloomberg News)
to Daily News