Kährs Group (Nybro, Sweden) reported a net sales decline of 11% from the second quarter of 2023 to the second quarter of 2024, bringing in SEK 671 million ($65.89 million USD).
The company lost SEK 76 million ($7.46 million) in the second quarter, compared with a loss of SEK 18 million ($1.6 million) in the second quarter of 2023.
“The high interest rates together with the concerns in the world continue to have an adverse impact on the residential segment in both Europe and the USA, especially in new construction,” CEO Johan Magnusson said in a statement. “However, we are seeing that the activity level and order intake are increasing connected to the renovation market in some markets in Europe. The USA is more cautious due to expected interest rate cuts. On a positive note, we once again have growth in region Europe in the second quarter.”
Read the full second-quarter report here.
