Electrolux reported a net loss in the first quarter. The net loss for the quarter that ended March 31 came to 106 million kronor (approx. US$17.7 million; euro11.3 million), down from a profit of 492 million kronor in the first quarter of 2007. Sales for the period fell to 24.2 billion kronor ($4.1 billion; euro2.6 billion) from 24.9 billion kronor in the same period a year earlier.
“Demand for our products has been lower than we had expected and the market downturn in Europe and North America affected our results negatively. As everyone knows, there is a great uncertainty about future market developments,” Chief Executive Hans Stralberg said.
The company maintained its outlook for a full-year 2008 operating income at the same level as 2007.