(News Bulletin 247) – Bang & Olufsen announced on Friday that it had suffered an operating loss in its third quarter of 2022/2023, the high-end electronics group having suffered from the fall in its sales in China.
The Danish maker of televisions and hi-fi systems says it suffered an operating loss of 43 million Danish kroner in the three months to the end of February, compared to a profit of 6 million a year ago.
In a press release, the group reported an 18% drop in sales in the quarter, mainly under the weight of a 65% drop in sales in China.
He explains that the change in Beijing’s health policy caused an upsurge in the Covid-19 epidemic in December, which weighed heavily on demand.
Following these difficulties, Bang & Olufsen says it has adjusted its forecasts for the full year, now expecting a decline of between 3% and 9% in its annual turnover for a negative operating margin, expected between – 1% and -4%.
B&O shares lost nearly 4% at the start of the afternoon on the Copenhagen Stock Exchange, bringing the rise in the stock since the start of the year to around 14%.
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