The Swedish home appliance manufacturer, Electrolux, said on Friday that its first quarter net loss widened to SEK 1.23 billion ($1.13 million) or SEK 4.53 per share from SEK 588 million or SEK2.16 kronor per share in the prior year.
Operating loss widened to SEK 720 million from last year's SEK 256 million, hurt by the wider operating loss in business area North America, primarily due to price pressure, but also lower volumes and production inefficiencies related to the ongoing ramp-up of the new cooking facility in Springfield. Net sales for the quarter were SEK 31.08 billion down from SEK 32.73 billion in the prior year.
Sales decreased by 3.7% in the quarter, excluding currency translation effects. Organic sales declined by 3.7% driven by negative price and lower volumes that were partially offset by a positive mix.
