* Q1 pretax loss 68 mln crowns vs 64 mln loss a year ago
* Q1 revenue 566 mln crowns vs 600 mln a year ago
* Keeps full-year outlook unchanged
(Adds details, analyst comment)
COPENHAGEN, Oct 2 Danish luxury stereo and
television maker Bang & Olufsen (B&O) posted a wider
first-quarter loss on Wednesday as sluggish European sales
eclipsed strong growth in Asia.
The company reported a pretax loss of 68 million Danish
crowns ($12.3 million) in the first quarter of its 2013/14
financial year against a loss of 64 million in the same quarter
last year. Revenue fell by 6 percent to 566 million crowns.
The group's Play brand, a cheaper product range targeted at
a younger consumer group than its traditional B&O brand, and its
Automotive business both achieved a double-digit percentage
growth in sales, the company said.
Overall revenue in Brazil, Russia, India and China, grew by
28 percent compared to the same quarter last year.
"These positive developments were outweighed by continued
challenges in the audio-visual business, especially in Europe,"
chief executive Tue Mantoni said in a statement.
The group, which issued two profit warnings during the
2012/13 financial year, kept its full-year forecast for revenue
moderately above the 2012/13 level of 2.81 billion crowns, and
for earnings before interest and tax to be around the break even
"They are on their way forward, especially in Europe, but
they are moving slower than expected, and it is still a long
journey," analyst Jesper Christensen from Alm. Brand Bank said.
The group has posted annual net losses in three of the past
B&O's German competitor in the high-end TV market, Loewe AG
, filed for insolvency on Tuesday and its chief
executive told Reuters that it needs to find an investor before
the end of the year to avert closure.
($1 = 5.5145 Danish crowns)
(Reporting by Teis Jensen, additional reporting by Stine
Jacobsen, Editing by Mark Potter)