Geberit (GEBN.S), a Swiss plumbing supplies producer, reported an 8.9% reduction in first-quarter sales on Tuesday, blaming difficult comparative results and a remodeling slowdown.
The firm, which produces bathroom pipes and ceramics, recorded first-quarter revenues of 892.7 million Swiss francs ($996.65 million), up from 980 million the year before.
The business said lower volumes and unfavorable currency moves also hurt quarter profits.
Due to the European energy crisis, Geberit warned heating solutions were replacing sanitary solutions.
The sanitary goods producer reiterated its prognosis for a tough construction sector in 2023.
Consumers curtailed spending due to record-breaking inflation, increasing borrowing rates in Geberit’s key markets, and the conclusion of the COVID-19 pandemic’s home renovation trend.
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