Bang & Olufsen falls as FY sales miss midpoint of outlook

Bang & Olufsen A/S

06/07/2023 09:13

** The shares in Bang & Olufsen  BO.CO  drop 7.8% after its
FY 2022 sales came in at the lower end of the outlook it cut in
March
    ** In March, the company lowered its guidance and said it
expected revenue to decline between 9% and 3% in the year ended
May 31
    ** Its FY revenue falls 7%; Nordnet analyst Per Hansen notes
this is slightly below the midpoint of the range
    ** "B&O has come out of 2022 with a result that is within
the ranges, but which easily disappoints," Hansen says
    ** He adds B&O gave a very wide guidance for the coming
year, the midpoint of which is still lower than 2021 result
    ** B&O forecasts 2023 revenue growth between 0% and 9% in
local currencies, and an EBIT margin before items between 0% and
6%
    ** "It can be really good, but it requires a significant
tailwind, and the question is, will B&O get it?" Hansen says,
wondering if weaker global growth will be the new challenge once
high component and logistics costs are gone
    ** The stock is on track for its worst day since March 20

 (Reporting by Agata Rybska)
 ((agata.rybska@thomsonreuters.com))