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Bang & Olufsen's quarterly sales up 14%, keeps guidance

·1-min read
FILE PHOTO: Bang & Olufsen's sign is seen at their flagship store in Copenhagen

COPENHAGEN (Reuters) - Bang & Olufsen on Thursday maintained its full year guidance after posting double-digit sales growth for a third quarter in a row helped by marketing initiatives and higher demand for home entertainment.

The Danish luxury TV and stereo maker still expects full-year revenue of 2.3-2.5 billion Danish crowns ($367 million-$399 million).

It expects earnings before interest, taxes and special items (EBIT) of between minus 50 million crowns and plus 25 million crowns.

The company posted a 14% sales rise in its third quarter ending in February driven by marketing initiatives and higher demand.

"The progress we made in the quarter confirms that our strategy is working," CEO Kristian Teär said in a statement.

"The cost reduction programme progressed as planned, core markets grew across all key channels, and we continued to strengthen our digital focus, which enabled us to more than double our online revenue and enhance the consumer experience," he said.

($1 = 6.2637 Danish crowns)

(Reporting by Tim Barsoe; editing by David Goodman and Jason Neely)