(RTTNews) – Husqvarna Group posted a third quarter net loss of 153 million Swedish kronor compared to profit of 125 million Swedish kronor, last year. Loss per share was 0.27 kronor compared to profit of 0.22 kronor. Net sales decreased by 7% to 9.74 billion Swedish kronor. Organic sales decreased by 4%.
“In the third quarter, we delivered growth in our strategic focus areas robotic mowers and batterypowered products, as well as a strong cash flow. However, organic sales for the Group decreased by 4%, which reflects a challenging market situation
with restrained consumer spending,” said Pavel Hajman, CEO.
Husqvarna Group said it is initiating further cost reductions and profitability initiatives. These measures are expected to result in fixed cost savings of 500 million Swedish kronor per year and will impact approximately 400 positions. The non-recurring costs associated with the measures are estimated to 600 million kronor and will be recognized in the fourth quarter.
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Source : Nasdaq