Retailers, consumers and prices
Check Out Line: Cost cutting your way to a better day
The world’s biggest appliance maker used cost cuts to offset weak sales as it reported a higher-than-expected quarterly profit. Whirlpool also raised its full-year profit outlook, citing downsizing and — yes, you guessed it — cost cuts as demand remains uncertain in many markets.
Sales at appliance makers like Whirlpool, known for its Maytag and KitchenAid brands, and Sweden’s Electrolux have suffered in the global economic slowdown as consumers trim spending on items not deemed essential.
Whirlpool’s recent cost cutting actions have included plant closures, consolidation of its Chinese operations, lower retirement plan contributions, frozen salaries and lower capital spending.
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