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    ELUX B   SE0000103814

ELECTROLUX AB

(ELUX B)
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Sweden's Electrolux tweaks sales growth target

02/28/2017 | 10:24am EDT
The Electrolux logo is seen during the IFA Electronics show in Berlin

STOCKHOLM (Reuters) - Home appliance maker Electrolux (>> Electrolux AB) said Tuesday it was aiming for total sales growth of at least 4 percent a year, with the target no longer specifying like-for-like sales growth only.

STOCKHOLM (Reuters) - Home appliance maker Electrolux (>> Electrolux AB) said Tuesday it was aiming for total sales growth of at least 4 percent a year, with the target no longer specifying like-for-like sales growth only.

The updated financial targets, which left unchanged the operating margin goal of at least 6 percent, were released in its annual report and underscored the current primacy of profitability over sales growth for the white goods maker.

Electrolux, which competes with Whirlpool Corp (>> Whirlpool Corporation), LG Electronics (>> LG Electronics Inc.) and Haier Group, had previously set a target of annual organic sales growth of at least 4 percent, a measure which would exclude the impact of any acquisitions.

A spokesman for the Swedish company, which makes appliances under brands such as Frigidaire and AEG as well as its own name, said the altered phrasing of its goal for sales growth did not signify any substantial change in its outlook.

"There has been no significant change in the market in the near term that has brought on the altered wording," spokesman Daniel Frykholm said in an emailed statement.

"Our primary focus right now, as previously communicated, is to reach the group's profitability target and that means organic growth is not our top priority," he added.

The company reported a 1.1 percent like-for-like sales decline last year while it came far closer to achieving its profitability goal, posting a operating margin of 5.2 percent for the full year.

Electrolux shares, which are up 5 percent this year, were down 1.7 percent at 237.40 crowns by 1520 GMT on Tuesday, when the Stockholm market's blue chip index <.OMXS30> was up 0.3 percent.

(Reporting by Johannes Hellstrom and Niklas Pollard; Editing by Greg Mahlich)

Stocks treated in this article : Whirlpool Corporation, Electrolux AB, LG Electronics Inc.

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AIMING INC. 0.92% 329 End-of-day quote.-21.29%
CHANGE INC. 2.64% 2680 End-of-day quote.-23.97%
ELECTROLUX AB 0.31% 227.7 Delayed Quote.19.00%
LG CORP. 0.52% 96400 End-of-day quote.0.43%
LG ELECTRONICS INC. 1.52% 166500 End-of-day quote.23.33%
SWEDEN OMXS 30 0.10% 2384.193335 Real-time Quote.27.05%
WHIRLPOOL CORPORATION 2.09% 224.49 Delayed Quote.24.38%
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Financials
Sales 2021 121 B 14 148 M 14 148 M
Net income 2021 5 291 M 618 M 618 M
Net Debt 2021 6 538 M 764 M 764 M
P/E ratio 2021 12,1x
Yield 2021 3,80%
Capitalization 65 754 M 7 692 M 7 682 M
EV / Sales 2021 0,60x
EV / Sales 2022 0,60x
Nbr of Employees 48 000
Free-Float 93,0%
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Technical analysis trends ELECTROLUX AB
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Mean consensus HOLD
Number of Analysts 15
Last Close Price 227,70 SEK
Average target price 239,54 SEK
Spread / Average Target 5,20%
EPS Revisions
Managers and Directors
Jonas Samuelson President, Chief Executive Officer & Director
Therese Friberg Chief Financial Officer
Staffan Bohman Chairman
J. P. Iversen Chief Information Officer
Carsten Franke Chief Operations Officer & Executive VP
Sector and Competitors
1st jan.Capi. (M$)
ELECTROLUX AB19.00%7 692
MIDEA GROUP CO., LTD.-35.70%67 844
HAIER SMART HOME CO., LTD.-18.86%32 720
NEWELL BRANDS INC.28.21%11 577
THE MIDDLEBY CORPORATION46.94%10 537
SEB S.A.2.47%9 068