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Bang & Olufsen loses 135 million dollars in three months

the Outbreak of the coronavirus has awarded the Bang & Olufsen high economic beating.

In march, april and may are the company's sales dropped by close to 40 percent, while that on the bottom line has been a loss of 135 million crowns.

It appears from the company's financial statements for the period Tuesday.

- It has been a disappointing year for the Bang & Olufsen sound judgment from ceo Kristian Teär in a comment to the financial statements.

even before the virusudbruddet was the B&O inside a tough period of declining sales, and the company was, therefore, to adapt.

There were, among others, in march announced a savings plan, where it was said good-bye to 115 employees - about ten percent of the total staff.

But as the results began to show itself, come the pandemic, explains the boss.

the Outbreak of the corona virus has had a major impact B&O, who have had to sell new shares to get more money in the box.

It has brought additional 356 million crowns to try to get on top of the again after coronakrisen.

- With our new strategy our goal is to solve some of the fundamental problems in our core business and ensure that we again become profitable.

But we recognise that it will be a challenging year, as we continue to execute on our new strategy in the midst of the uncertainty that is associated with the Covid-19, says Kristian Teär.

In march, april and may, which is the fourth and last quarter of the B&O's crooked financial year, are actively traded company of 377 million dkk.

There were thus put to an end an extremely challenging year for B&O, which is far from been, as the company had expected.

In the period is the company's sales dropped by close to 30 percent. As the financial year began, had the B&O provided investors with a single-digit sales growth in view.

A portion of the sales is expected, however, to return in the new financial year.

Here is expected the turnover to grow to 2.2 billion crowns, which is roughly 200 million dollars more than in the just completed financial year.

set no expectations for the bottom line, which in the financial year 2019/20 showed an overall loss of 576 million kroner.

It was partly due to a write-down of a tax asset of 265 million crowns.

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