(Adds context, outlook)
May 2 (Reuters) - Swiss plumbing supplies maker Geberit on Tuesday reported a 8.9% drop in first-quarter
revenue, citing challenging comparable results the previous year
and a slowdown in the renovation business.
The group, which makes piping and ceramic products for
bathrooms, reported sales of 892.7 million Swiss francs ($996.65
million) for the first quarter, compared with 980 million francs
the previous year.
The company said the results for the quarter were also
negatively impacted by lower volumes and unfavourable currency
developments.
Geberit said there was also a shift in demand from sanitary
to heating solutions due to the energy crisis in some European
countries.
The sanitary product manufacturer added its forecasts for
the current year have not changed significantly, reiterating its
expectation for a challenging environment for the construction
industry in 2023.
Record-breaking inflation and higher interest rates across
Geberit's core markets, as well as the end of the home
improvement trend seen during the COVID-19 pandemic, have
weighed on demand as consumers cut back spending.
($1 = 0.8957 Swiss francs)
(Reporting by Anna Mackenzie and Amir Orusov in Gdansk; Editing
by Kim Coghill and Uttaresh Venkateshwaran)
amir.orusov@thomsonreuters.com))
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