Bang & Olufsen Q1 sales soar by 14%Europost
The Danish producer of luxury TV stereo and electronics sets and components Bang & Olufsen announced a new surge in sales for the first quarter of this year, following a very profitable 2020, Reuters reported. The positive results were due to strong demand for TV and electronics items as pandemic lockdowns boosted this business sector.
The Danish firm said it expected a full-year revenue of $367 million to $399 million. The company posted a 14% sales rise in its third quarter ending in February, driven by marketing initiatives and higher demand. “The progress we made in the quarter confirms that our strategy is working,” CEO Kristian Tear said in a statement. “The cost reduction programme progressed as planned, core markets grew across all key channels, and we continued to strengthen our digital focus, which enabled us to more than double our online revenue and enhance the consumer experience,” he said.