"We like many others have been affected by a weakening market, which also creates uncertainty about the future", says Stråberg, adding that "Through the implementation of a simpler structure in Europe, more than 400 people will leave Electrolux. The cost for this structural change has been applied to the first quarter…The program is being implemented according to plan, as is our work to reduce product costs in Europe related to last year's extensive product launch".

However, after consistent mediocre results in Australia and the Asia-Pacific region along with a 3 per cent downturn in sales, Stråberg notes that the company here at least is beginning to turn the corner. "I have previously mentioned the improvements in Australia after a number of tough years. We are now beginning to see a stabilisation in China at the same time as the significance of Southeast Asia is increasing", he says, adding that, "Southeast Asia continues to show very profitable growth. Latin America shows very stable profitability and strong growth".

And after a number of product recalls, including the latest one concerning Electrolux dishwashers which has given the company a fair amount of bad press, the company's investors may well be relieved that the CEO's outlook for the future seem cautiously albeit minimalistically positive.

" Operating income for 2008 is expected to be in-line with 2007. Since we published our outlook in February I have been asked to define "in-line" and my answer has been that "in-line" means a single digit percentage change, plus or minus. Given the current market development I expect our operating result for 2008 to be in the lower end of that range", he concludes.