December 18, 2019 / 6:47 AM / a month ago

TV and stereo maker B&O warns of sales decline and lower profit margin

COPENHAGEN, Dec 18 (Reuters) - Danish luxury TV and stereo maker Bang & Olufsen cut its revenue and operating margin outlook late on Tuesday in the fourth such profit warning for the struggling firm in a year.

B&O now expects revenue to drop 13-18% in its 2019-2020 financial year compared to previously single-digit growth. It cut its EBIT margin forecast to minus 4-9% against a previous forecast of margin better than the 2.1% achieved last year.

Nordnet analyst Per Hansen called the profit warning “catastrophic” and said that the stock could fall at least 25% when the Copenhagen stock exchange opens at 0800 GMT. (Reporting by Stine Jacobsen Editing by Shri Navaratnam)

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