Electrolux, a Swedish company, lost money in the third quarter because costs went up, especially in North America, and sales slowed down. The company also warned of a further slowdown.
The biggest home appliance company in Europe said on Friday that it lost 385 million Swedish crowns ($35.1 million) in the quarter, compared to making 1.64 billion last year.
“For the full year of 2023, market demand in both Europe and North America is expected to get worse, which means it will be down from last year,” said Chief Executive Jonas Samuelson.
Related: As prices go up due to inflation, Electrolux will cut costs.
Electrolux said in September that a group-wide cost-cutting and North America turnaround programme would have a positive effect on earnings of 4-5 billion crowns in 2023, and that it would take a restructuring charge of 1.2-1.5 billion crowns for the programme this quarter.
($1 is worth 10.9679 Swedish crowns).