Whirlpool shares drop 20% as appliance giant warns consumer sentiment at ‘recession level lows’ on Iran war
Entertainment
Whirlpool’s shares plunged more than 20% after the company said consumer confidence has fallen to “recession level lows” because of the Iran war, tanking demand for its big appliances. The maker of Maytag, KitchenAid and Amana suffered a 9.6% sales drop in the first quarter. That was only slightly steeper than the US appliance industry’s 7.4% in the first quarter, with March being down 10%, Chairman and CEO Marc Bitzer said. “This level of industry decline is similar to what we have observed
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