Europe gives Electrolux a Q1 profit boost

STOCKHOLM (AP) — Swedish home appliance-maker Electrolux says the economic recovery in Europe helped the company's first-quarter net profit rise 19 percent to 431 million kronor ($66 million) from 361 million kronor.

The world's second largest appliance maker said Friday that the pick-up in Europe, the Middle East and Africa following "a prolonged period" of decline, helped its businesses post a 4.5 percent increase in sales during the period. Demand in North America was hit by severe winter conditions in early 2014, but was offset by a strong recovery in March.

Overall, net sales in the period grew to 25.6 billion kronor from 25.3 billion kronor a year earlier. The company's cash position also improved dramatically to a negative 123 million kronor from a negative 2.7 billion kronor a year earlier.

Related Headlines

  • H&M eyes further expansion in US, China

    Fashion retailer Hennes & Mauritz AB said Thursday it plans to expand its business over the coming year by increasing online sales and opening new stores, particularly in its ... 

Find the best rates

Find your future job here