Bang & Olufsen’s revenue fell 20 percent in the company’s third quarter of the financial year 2022/23. This is compared to the same period the previous year.
This appears from the company’s third quarter financial report, which covers the months of December, January and February.
“We are not satisfied with the results this quarter. The COVID-19 development in China significantly affected our performance. Our dealers in the EMEA region (Europe, the Middle East and Africa) have been reluctant to fill inventories due to the macroeconomic situation,” says Bang & Olufsen CEO, Kristian Teär, in the financial report.
He places further emphasis on high customer demand in most markets and that China is expected to be on the way to normalization.
China is B&O’s biggest market. The downward adjustment last month is due to sales in a reopened China did not go as expected.
The hope was that the desire to buy among the Chinese would return after a reopening. Instead revenue from sales in China fell by 65 percent in the third quarter compared to the previous year.
Source: bt.dk
