Bang & Olufsen: shares at three-year low after profit drop
(CercleFinance.com) - Shares in Bang & Olufsen, a Danish maker of upmarket speakers and TVs, fell further on Thursday after the group announced significantly lower third-quarter profit.
B&O shares were down over 2% at 60.2 Danish kronor, their lowest level in more than three years.
EBIT for the three months ended 28 February was 30 million Danish kronor, down 39% from 49 million Danish kronor in the same period last year.
In a what the company called a "challenging quarter," the group saw its revenue fall by 18%.
For the financial year 2018/2019, the company still expects sales to fall by around 10%.
However, due to a change in its its operating model, full-year profitability is expected to improve compared to last year, it said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
B&O shares were down over 2% at 60.2 Danish kronor, their lowest level in more than three years.
EBIT for the three months ended 28 February was 30 million Danish kronor, down 39% from 49 million Danish kronor in the same period last year.
In a what the company called a "challenging quarter," the group saw its revenue fall by 18%.
For the financial year 2018/2019, the company still expects sales to fall by around 10%.
However, due to a change in its its operating model, full-year profitability is expected to improve compared to last year, it said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.