Comparable sales fell 7.6% in Q3, with core profit down 25%on Monday cut its outlook for sales and profit growth this year and said the global supply chain problems that added to its growing list of worries in the third quarter would likely intensify.
Ships transporting Philips' products were also backed up in ports worldwide as international trade rapidly recovered from the COVID-19 induced slump. The impact of the supply chain problems will likely increase to 200 million euros in missed sales in the final quarter of 2021, the CEO said, up from 150 million euros in the third quarter.
Although the issues will probably still hit sales into 2022, Van Houten said he expected growth to return in the course of next year.Philips shares fell almost 1% in early trading in Amsterdam, having already lost around a fifth of their value since the company recalled millions of respiratory devices in June.It has set aside 500 million euros to repair or replace the popular machines used mainly for the treatment of sleep apnea.
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