Bang & Olufsen announced on Wednesday an increase in its results for the third quarter 2023-2024, despite a sharper-than-expected contraction in sales over the period.
Gross operating profit (Ebit) for the three months to the end of February came to 11 million crowns (around 1.5 million euros), compared with a loss of 43 million a year ago.
Gross margin, meanwhile, rose to a record 53.2%, an increase of almost 0.1 percentage points year-on-year.
The Danish manufacturer of high-end electronics explains that it benefited from firm prices and the recent trend towards normalization of component and logistics costs.
B&O, on the other hand, says it has seen no improvement in business conditions in Europe or China, and saw its quarterly sales decline by 3%, both on a reported basis and at constant exchange rates.
In its press release, Bang & Olufsen now expects annual sales to fall by 5% to 8% in local currencies, with an operating margin (Ebit) of between 0% and 2% before non-recurring items.
Listed on the Copenhagen Stock Exchange, its share price rose slightly (+1.3%) following this publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Bang & Olufsen A/S is a Denmark-based company engaged in the design, development and marketing of audio and video equipment. The Company supplies primarily music systems, loudspeakers, television sets and multimedia products. Its activities are divided into two business areas: Business-to-Consumer (B2C) and Business-to-Business (B2B). The B2C area includes two segments: audiovisual (AV), offering audio and video products sold under the Bang & Olufsen brand; and B&O PLAY, which delivers stand-alone, portable products. The B2B business area also consists of Automotive segment, which comprises development, production and sale of sound systems for a range of cars, such as Aston Martin, Audi, BMW and Mercedes-Benz. Furthermore, the Company is parent of Bang & Olufsen Group, which operates worldwide.
BANG & OLUFSEN A/S 
