Electrolux swings to high profit in Q2

STOCKHOLM — Electrolux reported on Friday it swung to a higher-than-expected profit in the second quarter (Q2), but cut its demand outlook for Europe and Asia-Pacific to "negative" as it forecast high inflation would discourage customers from splurging on appliances.

Pervasive competition, particularly from Chinese rivals, cost pressures and financial stress among consumers grappling with high interest rates have made it tough for Electrolux to price products like refrigerators and washing machines at a level where it can deliver profitability.