Swedish home appliance brand Electrolux saw its net profit in the Czech Republic drop from CZK 21.3 million to around CZK 5.4 million last year. The company’s sales also declined, by about 25.7 percent to CZK 2.6 billion. This is according to the financial statements published in the Collection of Deeds. According to the company, the decline in sales last year was due to rising inflation and related lower demand.
Electrolux appliances can be bought at more than 170 locations in the Czech Republic, according to information on its website. In addition to refrigerators, washing machines and dishwashers, the company also offers smaller appliances such as coffee machines and blenders.
In 2023, our company will focus on stabilizing its market position and further developing relationships with our customers and key business partners,” the company said in its annual report. One of Electrolux’s goals will be to improve its own e-shop. “This year, in terms of product development and product innovation, will focus on the themes of ecology, sustainability and reducing energy consumption across our product lines, the company announced.
The number of employees at Elextrolux in the Czech Republic fell by four to 93 last year compared to the previous year. Payroll costs were virtually unchanged at around CZK 90.3 million, the accounts said.
Electrolux Group posted a loss of SEK 648 million (roughly minus CZK 1.3 billion) globally in the second quarter of this year, after generating a profit of SEK 257 million (CZK 532.2 million) in the same period last year.
“The weak market demand environment with consumers’ lower purchasing power leading to a shift to lower price categories continued in the second quarter,” the company said in its regular report. The company had earlier announced that it had to cut jobs due to falling demand. It then faced a shortage of appliance parts during the coronavirus pandemic.
Source: Electrolux Czech Republic and CTK
