Bang & Olufsen's quarterly sales up 14%, keeps guidance (updated)

Bang & Olufsen A/S

08/04/2021 07:53

(Adds FY guidance)
    COPENHAGEN, April 8 (Reuters) - Bang & Olufsen  BO.CO  on
Thursday maintained its full year guidance after posting
double-digit sales growth for a third quarter in a row helped by
marketing initiatives and higher demand for home entertainment.
    The Danish luxury TV and stereo maker still expects
full-year revenue of 2.3-2.5 billion Danish crowns ($367
million-$399 million). 
    It expects earnings before interest, taxes and special items
(EBIT) of between minus 50 million crowns and plus 25 million
crowns.
    The company posted a 14% sales rise in its third quarter
ending in February driven by marketing initiatives and higher
demand.
    "The progress we made in the quarter confirms that our
strategy is working," CEO Kristian Teär said in a statement. 
    "The cost reduction programme progressed as planned, core
markets grew across all key channels, and we continued to
strengthen our digital focus, which enabled us to more than
double our online revenue and enhance the consumer experience,"
he said.
    ($1 = 6.2637 Danish crowns)

 (Reporting by Tim Barsoe; editing by David Goodman and Jason
Neely)
 ((Tim.Barsoe@thomsonreuters.com;))