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Philips 3Q Sales Missed Market Views, FY Comparable Sales Expected to Grow Slightly -- Update

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Philips now expects to report low-single-digit comparable sales growth

Koninklijke Philips NV reported on Monday a significant rise in net profit for the third quarter but suffered a decline in sales for the period, which also missed market views.

The company, which now expects to report low-single-digit comparable sales growth with a modest adjusted Ebita margin improvement for the full year, said these supply-chain challenges are expected to continue in the fourth quarter. The company's net profit result was mainly driven by the sale of its Domestic Appliances business, it said.

 

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