AB Electrolux to Report Smaller Q2 Loss than Previously Anticipated, and Sales Growth in June

In April, demand and production in several of Electrolux main markets were severely impacted by the strict countermeasures initiated by local authorities to limit the spread of the coronavirus. Electrolux Group sales in the month were down by approximately 30%. In April, demand and production in several of Electrolux main markets were severely impacted by the strict countermeasures initiated by local authorities to limit the spread of the coronavirus. Electrolux Group sales in the month were...

In April, demand and production in several of Electrolux main markets were severely impacted by the strict countermeasures initiated by local authorities to limit the spread of the coronavirus. Electrolux Group sales in the month were down by approximately 30%.

As restrictions gradually have been lifted, markets primarily in Europe have developed more positively than expected in the latter part of the quarter. In addition, the APAC & MEA business area has been well positioned with its products; particularly in Australia, contributing to earnings during the quarter.

The strong execution on cost mitigation actions, including furloughs for employees in several markets and significantly reduced discretionary spending, has resulted in a more favorable net cost efficiency in the second quarter than previously anticipated.

Electrolux will not make any further comments until the second quarter interim report has been published.

CONTACT:

For further information, please contact:                                          

Sophie Arnius, Head of Investor Relations, +46-70-590-80-72

Daniel Frykholm, Electrolux Press Hotline, +46-8-657-65-07.

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2000 CET on July 7, 2020

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https://news.cision.com/electrolux/r/ab-electrolux-to-report-smaller-q2-loss-than-previously-anticipated--and-sales-growth-in-june,c3150441

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