(AOF) – Whirlpool announced a loss in the second quarter due to the abandonment of its activities in Russia, forcing it to reduce its growth prospects for the year. During this period, the American home appliance giant posted a deficit of $371 million and $6.62 per share, compared to a profit of $581 million in the corresponding period last year. The charge on the sale of operations in Russia was $747 million.
The group saw its adjusted earnings per share fall by 10% to 5.97 dollars, and its adjusted operating profit contract by 24% to 461 million dollars.
Sales fell 4% to $5.1 billion due to supply chain constraints and weaker demand.
The group is now counting on 2022 annual revenues of $20.7 billion, down 6%.
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The French beauty and hygiene market continues to decline
In recent years, the French have simplified their beauty routines, which has resulted in lower spending. According to Kantar, the weight of personal care and beauty in spending on consumer products has steadily decreased over the past five years, dropping below 10%. Thus in 2021, health and beauty expenditure accounted for 8.5%. For the NielsenIQ panelist, the development of telework penalizes the sector because teleworkers reduce their health and beauty purchases twice as quickly as the average French person. This trend is likely to continue in 2022. To this is added another negative factor: with inflation and the loss of purchasing power, the French will certainly carry out arbitrations in their spending, which could be at the expense of the hygiene-beauty.