Bang & Olufsen: Slumps after narrows guidance, plans share issue

Bang & Olufsen A/S

12/05/2020 08:19

** Shares in Danish stereo maker Bang & Olufsen  BO.CO  fall
8% after the company revises down its outlook and asks
shareholders to approve a share issue  urn:newsml:reuters.com:*:nL8N2CU226
    ** Banf & Olufsen now expects FY 2019/20 results in the
lower ranges of the previously provided guidance, sees EBIT loss
in 2020/21
    ** Bang & Olufsen says is in a "serious situation" as the
pandemic hit the company in the "worst possible time"  when it
started to see effects of the new strategy plan
    ** The company's shares fell more than 60% in 2019 when it
made four profit warnings, stricken by disappointing sales
 urn:newsml:reuters.com:*:nL8N28S1JU
    ** Shares are down 46% year-to-date

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