Sales increased by 5.6%

Electrolux, who has recently agreed to acquire GE Appliances, has announced its financial results for the third quarter of 2014, with net sales of SEK 28,784m.

The Swedish company boasted a sales increase of 5.6%, with currencies having a positive impact of 4.0%. 

Operating income came to SEK 1,392m, an improvement of 29%.

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Western Europe experienced growth of 1%, while Eastern Europe declined 4%, with the total European market unchanged. 

Demand for core appliances in North America increased by 8%, while Latin America and the Asia/Pacific market showed good performance in weak markets as a result of cost cutting and price increases. 

Electrolux Professional Products also reported continued improvements in sales and earnings and now represent 5% of Electrolux sales.  

Keith McLoughlin, president and CEO of Electrolux commented: “Our operations in Europe continue to recover as a result of strong focus on cost savings, production efficiency and product portfolio management. Despite continued difficult market conditions, with a recent weakening of leading indicators and consumer confidence in a number of countries across both Western and Eastern Europe, we have managed to significantly improve results.”

He continued: “We are excited about the upcoming transaction to acquire GE Appliances. However, we are continuing the work in all our business areas with the aim of further increasing growth and profitability. This work provides the foundation for reaching our vision of being the best appliance company in the world as measured by our customers, employees and shareholders.”