Whirlpool Corp reported a 29.5% slide in quarterly profit on Monday as persistent inflation hit consumer spending, weakening demand for its washing machines and kitchen appliances.

Shares of the home appliances maker dropped nearly 2% after the bell.

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.

Excluding items, the company earned $4.21 per share, down from $5.97 a year ago, but above analysts' average estimate of $3.76, according to Refinitiv.

Net sales fell to $4.79 billion from $5.10 billion for the second quarter, missing analysts' average estimate of $4.82 billion.

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

(Reporting by Kannaki Deka and Amna Karimi; Editing by Arun Koyyur)