Electrolux beats forecast as it spruces up brand

ELECTROLUX, the world’s second-biggest home appliances maker, yesterday reported a smaller-than-expected fall in quarterly earnings and said it was confident it could reach its full-year margin goal.

But the maker of appliances under brands including Frigidaire, Zanussi and AEG-Electrolux – which has carried out several rounds of cost-cutting and moved to emerging markets – said the market “continues to be volatile”.

Electrolux reported third-quarter adjusted operating profit of 1.98bn Swedish Krona (£188m) compared with a forecast of 1.64bn Swedish Krona.

“Strong growth in Latin America and Asia/Pacific partly offset lower sales volumes in Europe and North America,” the group said in a statement.

The Stockholm-based company is trying to revamp its image and appeal to affluent Indian customers in a bid to boost profit as its more traditional markets slow down.

“The market continues to be volatile, and different types of stimulus measures make the forecasting of developments difficult, not least in North America,” the company said.