Bang & Olufsen hails strategy revamp after improved results (updated)

Bang & Olufsen A/S

01/10/2020 07:46

(Recasts, adds detail, quotes)
    COPENHAGEN, Oct 1 (Reuters) - Denmark's Bang & Olufsen
 BO.CO  cited its revamped strategy for a narrowing of losses
and its first revenue growth in a year in the audio and visual
equipment manufacturer's first-quarter results on Thursday.
    The company said in July that it expected to return to
growth in the coming financial year after a strategy rethink to
boost its online presence and digital sales with a focus on key
European and Asian markets. 
    "In a time of great uncertainty, the financial result is
evidence of solid strategy execution, Chief Executive Kristian
Tear said in a statement on Thuirsday. 
    The company posted first-quarter revenue up 10.3% at 462
million Danish crowns ($72.9 million) while EBIT losses narrowed
to 41 million crowns from 129 million crowns a year earlier. 
    "We still have a big task ahead of us in terms of executing
the strategy and creating a profitable business," Tear added. 
($1 = 6.3361 Danish crowns)

 (Reporting by Nikolaj Skydsgaard
Editing by David Goodman)
 ((Nikolaj.Skydsgaard@thomsonreuters.com;))