July 7, 2020 / 7:12 AM / a month ago

Luxury TV and stereo maker B&O reports full year operating loss, keeps outlook

FILE PHOTO: People walk past Bang & Olufsen flagship store in Copenhagen, Denmark October 23, 2019. REUTERS/Nikolaj Skysgaard/File Photo

COPENHAGEN (Reuters) - Danish television and stereo maker Bang & Olufsen (BO.CO) reported a 29% drop in full-year revenue to 2.036 billion Danish crowns (£247.44 million) on Tuesday, although it added it expects sales to increase slightly next year.

Bang & Olufsen, whose most exclusive speakers cost up to $80,000, saw a 347 million crown loss in earnings before tax and interest (EBIT) of this year, in line with its own forecast but 15% lower than a profit of 59 million last year.

It said it expects revenue increase to 2.2 billion Danish crowns next year.

($1 = 6.5937 Danish crowns)

Reporting by Andreas Mortensen

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