Appliance giant Whirlpool is slashing its earnings forecast and raising prices by 10%, with another 4% increase planned, as geopolitical tensions and economic concerns pressure consumers to delay major purchases.
The company, which owns brands including KitchenAid, Maytag and Whirlpool, said Middle East tensions led to a "recession-level industry decline" in North America as consumer confidence collapsed in late February and March.
Revenue dropped nearly 10% in the quarter as North American major appliance sales declined more than 7%. The company is raising prices to help stabilize its North American business as consumers delay big-ticket purchases.
