Electrolux annunced its results for the fourth quarter of 2020, during which the company net sales amounted to 33,902 million Sek, recording an organic sales increased by 17.5%. According to Electrolux, the growth has been reached thanks to the continued high levels of home-improvement spending as well as positive mix and price development. Operating income amounted to 2,49 8 million Sek, corresponding to a margin of 7.4%. Higher prices and innovative high-margin products were key drivers. Income for the period amounted to 1,860 million Sek.
«The coronavirus pandemic in 2020 had a severe impact on all aspects of society. – commented the Electrolux president and CEO Jonas Samuelson – Our strategy and our agile ways of working helped us to safely manage the challenges and respond to changing consumer needs brought about by the pandemic. The year was highly volatile with a challenging first half followed by a significant recovery during the second half. This resulted in a strong performance improvement for the full year, with an operating margin of 5.0 %. The organic sales growth of 3.2% was driven by improved mix through increased sales of innovative premium products as well as by higher net prices. Aftermarket sales, one of our strategic focus areas, increased by 13% and accounted for about 7% of Group sales. Organic sales growth in the fourth quarter was 17.5%. Sales continued to benefit from consumers allocating more of their household budgets to home improvement and we also executed well on price and mix. Operating margin increased significantly to 7.4 % and all business areas improved their earnings and delivered margins well above 6%.»
