LG slashes sales targets by 20%

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LG Electronics has slashed its annual television sales target by 20 per cent. The move comes because the television sales have weakened due to uncertain global economic prospects. LG was earlier targeting sales of 40 million units of flat-screen TVs in 2011. But the TV sales are way below the original target. The target may come around 32 million units this year because of the recent economic crisis in the US and majority of Europe. The company is keeping an eye on the economic environment in this part of the world.

Global TV makers from top-ranked Samsung to Sony, LG andPanasonic have already warned of a tough sales outlook, especially in the US and Europe, as consumers delay purchases amid rising inflation and deepening euro zone fiscal problems, reports a daily newspaper.

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