Continued earnings recovery in our major markets The improvement in our European operations continued in the second quarter and operating income increased significantly over last year. At the same time, the development in
A positive impact from the ongoing cost-reduction program in
As previously communicated, we have concluded a review of our manufacturing operations in
As expected, the mix continued to improve in our North American operations. We have a strong focus on growing in premium segments, such as cooking products and multi-door refrigeration. Volumes of core appliances continued to increase. However, we saw deterioration in our overall sales volumes, mainly as a result of lower sales within room air -conditioning. Sales volumes in the quarter were also negatively affected by a fire at one of our suppliers of components within the refrigeration and laundry segments. The US appliance market continues to recover, driven by both replacement demand and housing, with a total expected growth of 4% in 2014.
Our sales volumes in
The Group’s overall profitability shows a recovery both in the second quarter, and in the first half of the year compared with the same period in 2013. We will continue to launch new, innovative products in parallel with optimizing global production with a strong focus on cost efficiency. This will enable us to continue to generate a solid cash flow and shareholder value.
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