Bang & Olufsen: earnings up, despite lower sales

(CercleFinance.com) - On Wednesday Bang & Olufsen announced Q3 2023-2024 earnings growth, despite a sharper-than-expected contraction in sales over the period.


Gross operating profit (Ebit) for the three months to end-February came to 11m DKK (around E1.5m), compared with a loss of 43m DKK a year ago.

Meanwhile, its gross margin rose to a record 53.2%, up almost 0.1% y-o-y.

The Danish manufacturer of upmarket electronics explains that it benefited from firm prices and the recent trend towards normalization of component and logistics costs.

B&O, on the other hand, says it has seen no improvement in business conditions in Europe or China, and saw its quarterly sales decline by 3%, both on a reported basis and at constant exchange rates.

Bang & Olufsen says it now expects annual sales to fall by 5% to 8% in local currencies, with an operating margin (Ebit) of between 0% and 2% before non-recurring items.

Listed on the Copenhagen Stock Exchange, its share price rose slightly (+1.3%) following this publication.


Copyright (c) 2024 CercleFinance.com. All rights reserved.