Bang & Olufsen widens Q1 loss as core unit lags
COPENHAGEN Oct 10 (Reuters) - Danish luxury stereo and television maker Bang & Olufsen on Wednesday reported a bigger-than-expected first quarter pretax loss, hurt by a decline in its audio-visual unit and the absence of new product launches in the quarter.
The maker of upmarket televisions and sound systems kept its outlook for the full-financial year 2012/13 of double-digit sales growth and an improved operating margin.
Pretax losses doubled to 64 million Danish crowns ($11.07 million) in B&O's June-August quarter, far more than an average 25.7 million crowns pretax loss forecast in a Reuters poll of analysts.
Sales stalled at 600 million crowns from the same quarter last year, also missing forecasts.
($1 = 5.7831 Danish crowns) (Copenhagen Newsroom)
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