Bang & Olufsen cuts outlook on weakened Europe

COPENHAGEN, March 22 Fri Mar 22, 2013 3:22am EDT

COPENHAGEN, March 22 (Reuters) - Danish luxury stereo and television maker Bang & Olufsen on Friday cut its outlook for the 2012/13 financial year as the crisis in Europe hurt revenue and the cost of a turnaround plan weighed on results.

The group said in a statement it now saw revenue for the 2012/13 financial year in a range from 2.80 billion Danish crowns ($485.62 million) to 2.90 billion Danish crowns. It previously expected it to exceed 3.00 billion Danish crowns.

It also cut its earnings before interest and tax (EBIT) outlook to a loss in the range of 150 million to 200 million Danish crowns, having previously forecasted a positive EBIT, it said in a statement. ($1 = 5.7658 Danish crowns) (Reporting by Copenhagen Newsroom; Editing by Helen Massy-Beresford)