Whirlpool sales drop to $4.79 bn in second-quarter

Whirlpool, a home appliances maker, said its sales fell to $4.79 billion from $5.10 billion for the second quarter.
Whirlpool said it posted 29.5 percent slide in profit as inflation hit consumer spending, weakening demand for its washing machines and kitchen appliances.

Consumers are cutting back on discretionary spending as a series of interest-rate hikes over the past year to bring down stubbornly high inflation stoked fears of an economic downturn.

The Michigan-based Whirlpool reaffirmed its annual net sales and profit forecast.