Slovenian-based appliance maker Gorenje announced that expects to meet its sales targets despite issuing a profit warning in May.
The warning, which put the company's share prices down 10 percent, said sales goals might be missed due to demands for higher pay and increased prices for materials. However, Gorenje's management announced that it expects to meet its sales targets for the year, as it is expected to generate revenues of 852 million euros (approx. U.S. $1.03 billion)
Gorenje generates 65 percent of its exports, which account for 93 percent of all sales, in the European Union, while also maintaining a strong presence in Eastern Europe. The company reported consolidated net sales revenues of 199 million euros (approx. $240 million) in the first quarter. As of press time, Gorenje's profit was 3.6 million euros (approx. $4.3 million), up 12.3 percent over the same period in 2003. (Slovenia Business Week)
Back to Breaking News