HELSINKI, June 3 (Reuters) - Finnish kitchen utensils and tools group Fiskars on Tuesday cut its profit outlook for the year due to weak domestic sales during the spring, adding it would start cutting costs.
The company said it now expects sales and core operating profit to fall this year, compared to its previous estimate of flat sales and slightly declining profit.
“Fiskars will take determined action to drive up sales and to adjust its cost levels during the rest of the year, but based on its May sales it is unlikely that the company can regain sales lost over the first five months,” it said in a statement.
Fiskars last year acquired Danish porcelain maker Royal Copenhagen, which boosted the group’s total sales to around 800 million euros ($1.1 billion).
$1 = 0.7349 euros Reporting By Jussi Rosendahl; Editing by Matt Driskill