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Published on April 24th, 2015 | by The GC Team

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Electrolux posts fall in Q1 profits

The Electrolux Group has reported net sales up 13.5% in the first quarter of 2015 as a result of positive currency translation effects.

Organic sales declined by -0.5%, while acquisi­tions and currencies had a positive impact on sales of 0.1% and 13.9% respectively.

Major Appliances EMEA and Latin America as well as Professional Products recorded organic sales growth while other business areas posted a decline.

Operating income amounted to SEK 516m (Q1 2014 SEK 731m), corresponding to a margin of 1.8% (2.9%).

Income for the period totalled to SEK 339m (SEK 431m), corre­sponding to SEK 1.18 (1.50) in earnings per share.

Major Appliances EMEA continued to strengthen and EBIT margin improved to 4.3% in the first quarter of 2015 compared to 1.8% a year ago.

President and CEO Keith McLoughlin (pictured) said a strong product mix, with focus on high-margin categories such as built-in kitchen products, contributed to positive organic growth in the region, while cost-saving programmes previously initiated impacted earnings positively.

Overall market demand in Europe increased 1% in the quarter. The UK and Germany showed particular strength, while the Russian market declined sharply. Excluding Russia, the market grew by 4%.

McLoughlin said the European market for appliances is expected to grow by 1–2% in 2015.

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