The Danish technology company Bang & Olufsen expects negative growth in the third quarter of the financial year. According to the CEO of B&O, Kristian Teär, the macroeconomic tendencies in the companies two main markets, China and Europe, hasn’t developed as favorable as the company had expected. He says this has consequences for the company’s sales and is one of the major reasons for the company expecting less turnover.
Earlier the company had announced to its investors, that a revenue growth between 0-9 percent, measured in local currency, was expected. Now B&O expects revenue to decline 5-8 percent.
The temporary numbers show a turnover of 1933 million Danish crowns in the first nine months of the financial year. That equates to a decline of seven percent. However, the gross profit has increased by 140 million Danish crowns, making it a little over one billion Danish crowns.
Even though the company has already published the temporary numbers for the third quarter of the year, the final quarterly accounts will be presented on 10 April 2024.
Source: Bt.dk
