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COPENHAGEN Jan 9 Danish luxury stereo and television maker Bang & Olufsen reported on Wednesday a smaller-than-expected second quarter pretax profit blaming the closure of underperforming stores in Europe that hurt results.
Pretax profit reached 23 million Danish crowns ($4.03 million) in B&O's September to November quarter, missing an average 65.5 million crown forecast in a Reuters poll of analysts.
"As a consequence of the accelerated store closings, the acquisition of the master dealer operations in mid-China and Brazil and the continued macroeconomic headwind, we revise the revenue outlook to revenue exceeding the 2011/12 financial year revenue of DKK 3,008 million," the company said in a statement. ($1 = 5.7097 Danish crowns) (Copenhagen Newsroom)