Latest News

Dow Jones Newswires: Philips warns of 5% fall in like-for-like sales due to supply-chain woes


By Anthony O. Goriainoff

Royal Philips NV said Wednesday that its performance in the third quarter was hurt by stronger-than-anticipated supply-chain challenges, and that as a result it expects a fall of around 5% in like-for-like sales.

The Dutch health-technology company said that it expects to record a 1.3 billion euro ($1.26 billion) impairment charge in the period. The company said that this is an impairment of goodwill of Philips Respironics, its sleep and respiratory care business, and that it is due to revisions to the business’s financial forecast.

Royal Philips said group sales for the quarter are expected to be around EUR4.3 billion. It said that as a result of lower sales it expects adjusted earnings before interest, taxes and amortization–a metric that strips out exceptional and other one-off items–to be around EUR210 million.

The company said that although it expects a better second half, it sees supply-chain disruptions continuing and a worsening of the macro environment.

“Philips now expects a mid-single-digit comparable sales decline for the fourth quarter of 2022,” the company said.

Write to Anthony O. Goriainoff at

The Wall Street Journal: U.S. warned Saudi Arabia that OPEC+ production-quota cut would make it Russia’s ally in Ukraine. The Saudis were unmoved.

Previous article

: U.K. troubles grow as economy sees surprise slowdown in August

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News