STOCKHOLM (Reuters) -Electrolux, Europe's biggest appliance maker, reported a fourth-quarter loss on Wednesday, citing weaker demand from both consumers and its retailers, and high costs. The Swedish group warned weak performance particularly in North America lead to an estimated group operating loss of 2.0 billion crowns ($191 million), against a year-earlier profit of 900 million, as organic sales fell 8%. Electrolux, which competes with Whirlpool, Samsung and LG, is scheduled to publish its full fourth-quarter earnings report on Feb. 2.
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Europe's biggest home appliances maker Electrolux said on Friday it expects further falls in demand due to inflation and high interest rates as soaring costs, especially in North America, led to a third quarter loss. Electrolux in September warned profit would drop as high inflation and low consumer confidence squeezed demand and large investments in North America had yet to pay off. Electrolux has invested heavily in its North American plants in recent years, but the pandemic and component shortages have delayed the ramp-up of local production.