Husqvarna Group reported a net loss of 153 million Swedish kronor for the third quarter, contrasting with a profit of 125 million Swedish kronor in the same period last year. This translates to a loss per share of 0.27 kronor, whereas last year's figures showed a profit of 0.22 kronor per share. The group's net sales declined by 7% to 9.74 billion Swedish kronor, with organic sales dropping by 4%.
"In the third quarter, we achieved growth in our key strategic areas, specifically in robotic mowers and battery-powered products, and maintained a strong cash flow. Nonetheless, the Group faced a 4% decrease in organic sales, indicative of a challenging market with limited consumer expenditure," stated Pavel Hajman, CEO.
In response, Husqvarna Group announced plans to implement further cost-cutting and profitability enhancements. These measures are projected to yield fixed cost savings of 500 million Swedish kronor annually and will affect around 400 positions. The associated one-time costs, estimated at 600 million kronor, are set to be recorded in the fourth quarter.
