Electrolux AB (ELUXF) Q1 2021 Earnings Conference Call April 28, 2021 3:00 AM ET
Company Participants
Jonas Samuelson - President, CEO & Director
Therese Friberg - CFO
Sophie Arnius - Head, IR
Conference Call Participants
Andre Kukhnin - Crédit Suisse
Björn Enarson - Danske Bank
Johan Eliason - Kepler Cheuvreux
Christer Magnergård - DNB Markets
James Moore - Redburn
Olof Cederholm - ABG
Gustav Hagéus - SEB
Martin Wilkie - Citigroup
Fredrik Moregard - Pareto Securities
William Turner - Goldman Sachs Group
Karri Rinta - Handelsbanken
David MacGregor - Longbow Research
Jonas Samuelson
Good morning and a warm welcome to Electrolux's First Quarter 2021 Results Presentation. With me today, I have our CFO, Therese Friberg; and our Head of Investor Relations, Sophie Arnius. I'd like to mention that this session is recorded and will be available on our website as an on-demand version.
So let's look at our performance in the first quarter of 2021. Demand continued to be strong in all markets as changes in consumer spending pattern brought by the pandemic remained and retail inventory levels were low entering the year. We delivered strong organic growth at almost 23% with double-digit growth across business areas. Volumes increased significantly and we are producing at almost full capacity. The organization has been working hard to secure supply in a very tight market, especially related to electronic components, certain plastics, and logistics.
Despite some shortages, we continue to drive mix in a very good way. Price increases implemented early in the quarter as well as carryover effects from 2020, combined with continued low levels of promotions and discounts in several markets reflecting the lower product availability, resulted in very positive price development.
Mix continued to improve with good traction from our premium brands and innovative products. In addition, we had another quarter with
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