Danish luxury TV and stereo maker B&O reports second-quarter loss

FILE PHOTO: People walk past a Bang & Olufsen flagship store in Copenhagen, Denmark October 23, 2019. REUTERS/Nikolaj Skysgaard

COPENHAGEN (Reuters) - Struggling Danish luxury TV and stereo maker Bang & Olufsen BO.CO reported a second-quarter operating loss on Tuesday on the back of a 31% drop in sales.

The Danish company, whose new range of televisions can sell for up to 138,500 Danish crowns ($20,625.16), reported negative earnings before interest and tax (EBIT) of 77 million crowns, down from a 90 million crown profit in the same period last year.

In December last year, B&O cut its revenue and margin outlook in response to fierce competition and weak sales, marking the fourth profit warning in a year for the maker of high-end TVs, headphones and speakers.

Reporting by Andreas Mortensen