Appliance giant slashes earnings forecast and hikes prices by 10% with another 4% spike planned
With the war in Iran and economic concerns putting pressure on consumers and how they spend their money, Whirlpool is having to adjust to Americans delaying big-ticket purchases while also raising prices to help stabilize its North American business.
The company known for brands such as KitchenAid, Maytag and its namesake, said that the Iran war led to a “recession-level industry decline” in America as consumer confidence collapsed in late February and March. Revenue dropped nearly 10% in the quarter as sales of major appliances in North America declined more than 7%.
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