(Reuters) -Shares at Sweden’s Electrolux fell over 5% after the company on Wednesday announced that it would report a loss of about 2 billion Swedish crowns ($190.87 million) in the fourth quarter.
“Inventory reduction activities at retailers in the fourth quarter across regions were larger than expected contributing to a weak market,” Europe’s biggest home appliance maker said, adding it also struggles with higher costs.
The main contributor to the earnings decline was the company’s North American business with an operating loss of approximately SEK 1.2 billion crowns, excluding non-recurring items, similar to the result in the third quarter of 2022.
($1 = 10.4785 Swedish crowns)
(Reporting by Marie Mannes, editing by Essi Lehto)
