Audiovisual products maker Bang & Olufsen (OMX: BO B) reported its 2011/2012 Q2 report covering the period for December-February period this week. Christmas sales did not live up to company or market expectations. Revenues were 766 million DKK, which was 7% less than last year.
About 80% of revenues came from sales to consumers and majority of those are AV sales. The remaining 20% consists of business to business sales to automotive & amplifier sales by subsidiary ICEpower.
Gross margin was also slightly weaker at 38.3%. Operating profit was 23 million and aafter tax profit 17 million translating to earnings per share of half a krone. The company does maintain full financial year outlook of 100 million DKK profit before tax based on revenue exceeding 3 billion.
The company has high expectations for a new TV-concept launch during the ongoing quarter under the B&O PLAY brand. At the end of the period exactly 2000 employees were working at Bang & Olufsen.
The share was supported somewhat by an announced share buy-back programme that will run from April 18th until June 19th 2012. Just under 87 000 shares or quarter of a percent of outstanding shares will be purchased to be used in employee compensation programmes. For the week the share still retreated several percentages to close just above 70 DKK on Friday.
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