Kährs 2Q Sales Down 28%, Affected By Weakened European Demand, Economic Pressures
Kährs, based in Malmö, Sweden, reported net sales of $71.7 million (SEK 787 million), a decrease of 28% in the second quarter which ended June 30, 2023, primarily due to weak demand in the residential segment in Europe, affected by increasing interest rates and general high cost inflation. The company said profitability was maintained by a continued strong gross margin and good cost control even if both the operating profit and the operating margin are down compared to the record-setting second quarter in 2022. For the first six months, net sales decreased 23%.