Q3 2022 Electrolux AB Earnings Call Transcript
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Good morning, and welcome to Electrolux Third Quarter 2022 Results Presentation. My name is Jonas Samuelson. With me today, I have Therese Friberg, our CFO; and Sophie Arnius, our Head of Investor Relations. I'd like to mention that this session is recorded and will be available on our website as an on-demand version.
Let's look at our performance in the third quarter of 2022. We had slight organic growth in the quarter and an operating income at breakeven, excluding the onetime costs to exit the Russian market. The reduced earnings was due to a combination of weaker market environment and supply chain imbalances resulting in operational inefficiencies. The decrease was mainly driven by business area in North America that reported a significant loss.
Volumes declined mainly as a result of the lower market demand driven by high general inflation and low consumer sentiment, coupled with high retailer inventory levels. The supply chain constraints improved sequentially in the
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